UK: GDP mirrors retail crash in April-20
- UK GDP collapsed by 20.4% m-o-m in April-20 as the economy endured the most intense phase of total lockdown. The 3.5 times greater fall in April than March matched the move in retail sales, confirming its usefulness for gauging the shock.- Sectors will recover at different times and extents, though, led by the industrial sectors initially. Support from this source helps prevent the depths of economic depression being as bad in Q2 as some feared, although I now track -20% q-o-q.
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