London-Sana
Official data released today showed that Britain's economy contracted at a record pace of 5.8 percent in March, compared to February, with the escalation of the Corona virus crisis.
Reuters quoted the National Statistics Office as saying that in the first three months of this year, gross domestic product contracted two percent compared to the last three months of 2019.
This is the largest quarterly decline since the end of 2008 during the height of the financial crisis.
April data is likely to show further decline as British companies and consumers are subject to general isolation measures throughout the month.
Last week, the Bank of England said the country's economy may be heading for the most severe annual decline in gross domestic product in more than 300 years, saying a 14 percent decline appears likely this year.
