In the early 2020s, the British economy experienced the largest decline since 1979; Families reduced their spending in light of the general closures imposed due to the outbreak of the Coronavirus.
According to Reuters, the National Bureau of Statistics said that gross domestic product decreased by 2.2 percent compared to the previous quarter between January and March.
This was less than the median forecast of economists in a Reuters poll, which was a drop of two percent.
Prime Minister Boris Johnson will announce his plan to accelerate the recovery of the British economy later on Tuesday as he pledges to accelerate infrastructure investments worth five billion pounds ($ 6.13 billion).
The Central Bank of England said this month that the British economy may have shrunk by 20 percent in the first half of 2020 after the closure affected most sectors in the April-to-April period. June.
The central bank added that the economic recession this year may be the worst in three centuries.
Figures published on Tuesday - based on data previously published for the first quarter - showed an increase in household savings whose spending had collapsed by the most monetary amount since it began monitoring spending in the 1950s. < / p>
The ratio of household savings rose to 8.6 percent in the first quarter of the year, up from 6.6 percent at the end of 2019.
The Office of Statistics previously forecast that the UK economy would contract at an unprecedented rate of 20.4 percent in April compared to March, but some signs of recovery have appeared recently. .
The office said Britain's current account deficit had increased more than expected in the first three months of 2020.
