[Asia Economy Reporter Ki-min Lee] The UK’s economic growth rate for the first quarter, during which it implemented a full COVID-19 lockdown earlier this year, recorded -1.5%.
On the 12th (local time), the UK Office for National Statistics announced that the first quarter’s Gross Domestic Product (GDP) decreased by 1.5% compared to the previous quarter. The Associated Press analyzed that considering the strict lockdown measures, the negative growth rate in the first quarter was not large. It is also observed that this was due to consumers and businesses increasing non-face-to-face online activities and adapting to the lockdown situation.
The service industry, manufacturing, and construction all showed better-than-expected performance.
Major foreign media reported that the Bank of England forecasted the UK economy to grow rapidly this year, with a 7.25% growth rate. The UK’s growth rate last year was -9.8%.
Chancellor of the Exchequer Rishi Sunak said, "The growth in March is a good sign." In March, when lockdown easing began with schools reopening, the growth rate compared to the previous month was 2.1%.
Meanwhile, in the first quarter, the UK imported more goods from countries outside the European Union (EU) than from the EU for the first time since records began in 1997.
Exports to the EU in March nearly recovered to the level of December last year, before Brexit fully took effect.
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