UK GDP dropped -2% in Q1, worst since 2008, with record contraction in services

<p>UK GDP contracted -2.0% qoq in Q1, matched expectations. That’s the largest decline since Q4 2008. Annually, GDP dropped -1.6% yoy, largest fall since Q4 2009. Services output dropped -1.9% qoq, largest quarterly fall on record. Production output fell by -2.1% qoq, driven by declines in manufacturing. Construction output decreased by -2.6%. In March, GDP […]</p>
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