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The Financial Express

UK economy begins tepid recovery in May after record slump

| Updated: July 16, 2020 15:44:39


The sun rises behind the Canary Wharf financial district in London, Britain, February 12, 2020 — Reuters/Files The sun rises behind the Canary Wharf financial district in London, Britain, February 12, 2020 — Reuters/Files

Britain’s economy took a first step on the long road to recovery from the Covid-19 crisis in May, as activity began to pick up after lockdown restrictions began to ease.

Gross domestic product rose by 1.8 per cent in May after slumping by a record 20.3 per cent in April, Britain’s first full month of lockdown, the Office for National Statistics said. This was a smaller rise than the average 5.5 per cent increase forecast in a Reuters poll of economists.

Over the three months to May, the economy shrank by 19.1 per cent and compared with a year ago it is 24.0 per cent smaller.

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