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UK Economy to Shrink by Record 7% in Q2, Services Index Slumps to 24 Year Low - IHS Markit

© AFP 2023 / ISABEL INFANTESAn image of Britain's Queen Elizabeth II making her her address to the UK and the Commonwealth in relation to the coronavirus epidemic is displayed on the advertising boards at Piccadilly Circus in central London on April 9, 2020, as Britain continues to battle the outbreak of Coronavirus Covid-19 and warm weather tests the nationwide lockdown as the long Easter weekend approaches. - The disease has struck at the heart of the British government, infected more than 60,000 people nationwide and killed over 7,000, with a daily death toll in England of 765 reported on April 9.
An image of Britain's Queen Elizabeth II making her her address to the UK and the Commonwealth in relation to the coronavirus epidemic is displayed on the advertising boards at Piccadilly Circus in central London on April 9, 2020, as Britain continues to battle the outbreak of Coronavirus Covid-19 and warm weather tests the nationwide lockdown as the long Easter weekend approaches. - The disease has struck at the heart of the British government, infected more than 60,000 people nationwide and killed over 7,000, with a daily death toll in England of 765 reported on April 9.  - Sputnik International
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MOSCOW (Sputnik) - The UK economy looks set to contract by an unprecedented 7 percent or more in the second quarter under downward pressure from coronavirus restrictions, a business survey out Tuesday has shown.

Tim Moore, the economics director at IHS Markit, which compiled Purchasing Managers' Index (PMI) data, said April figures pointed to an economic downturn that could be "deeper and more widespread than anything seen in living memory."

"The April survey reading is consistent with the economy falling at a quarterly rate of approximately 7%, but we expect the actual decline in GDP could be even greater, in part because the PMI excludes the vast majority of the self-employed and the retail sector," he said.

April data indicated the lowest drop in UK service sector activity since the survey began in 1996. It fell to 13.4 in April from 34.5 in March to signal a rapid decline in UK service sector output. Prior to the last two months, the survey-record low stood at 40.1 in 2008.

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