15.06.2020 03:41 PM
Great Britain has paid an enormous price for stemming the spread of the coronavirus in the country. Today, the Office for National Statistics released a report stating that GDP dropped to a record 20.4% on a monthly basis in April. Economists had expected a decrease of just 18.7%. Furthermore, a slump was recorded in all sectors of the economy.
The aviation sector is the most damaged by the virus. There, output slumped by 92.8%. The hotel and restaurant industry also suffered a decline of 88%.
The pandemic had an extremely negative impact on the UK trade compared to other counties, the document stated. Both imports and exports significantly dropped.
The data presented in the ONS report exceeds figures recorded during the 2008 economic crisis. Then, the 1% decline was logged at the peak of the financial crisis.
Also, in April, the visible trade balance improved. It turned out to be positive and amounted to 305 million pounds against a deficit of 3.956 billion in March. Nevertheless, this improvement was the result of a dramatic drop in the trading volume.
This situation may negatively affect the reputation of Prime Minister Boris Johnson. The pressure on the UK leader is growing, as many people criticize him for the decisions made during the pandemic.
By the way, according to the latest data, more than 41 thousand people died from COVID-19 in the UK. The total number of infected people exceeded 290 thousand.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
