Gross domestic product fell 19.1% in the United Kingdom from March to May compared to the period from December to February, due to the impact of the new coronavirus, with a slight rebound of 1.8% in May which disappointed analysts.
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Despite the weak improvement in May, GDP remains a quarter below its February level before the new coronavirus hits the British and global economy fully, the National Statistics Office (ONS) said on Tuesday. Between March and May, the services sector contracted in particular by 18.9%, and the construction sector by 29.8%.
Not all businesses have reopened
From the very first measures to partially lift the containment in mid-May, " manufacturing production and housing construction have shown signs of recovery, with some companies having returned to work, " said Jonathan Athow, statistician of the ONS. cited in the press release.
In the service sector, which accounts for 80% of the British economy, " we have observed a rebound in distribution with in particular a record of online sales, " he adds. However, with travel restrictions and containment introduced on March 23 still largely in place in other sectors in May, " many areas have seen their activity decline further ," he said.
Shops considered non-essential reopened in June and restaurants, bars, or hotels, cinemas and museums received the green light from the government for early July. Not all of them have resumed their activity, compulsory distancing measures in their precincts sometimes compromising their profitability prospects.
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Sports halls may reopen later this month, but some sectors, including concert halls or convention centers, are still forced into inactivity and many warn that they risk bankruptcy. For analysts at Capital Economics, the 1.8% rebound in the economy in May is " a disappointing first step on the road to recovery and suggests that hopes for a rapid rebound in containment are not realistic ".
