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    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

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    NERC has no authority over state tariff – Enugu Electricity Regulator

    US Court clears Donald Trump to run for President

    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

    Federal Government commissions three “ultra-modern” oncology centers

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Shoprite to sell stores in Ghana and Malawi

    Shoprite to sell stores in Ghana and Malawi

    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

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    Nigeria’s C&I Leasing Plc to invest in Leasafric Logistics Ghana

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    Caverton Shareholders approve 10 kobo per share dividend and others at AGM

    Caverton Offshore posts ₦2.08 billion profit for H1 2025

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    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

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    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

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    How Donald Trump won the 2024 U.S Presidential Election

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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UK Economy Shrinks by Record 20.4% in April

Friday, 12 June 2020, 4:43 pm
in News, World
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UK Economy Shrinks by Record 20.4% in April
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Between March 2020 and April 2020, UK GDP fail by 20.4%, equivalent to a fall of approximately £30 billion in Gross Value Added. This is the largest monthly decline in GDP since monthly record began in 1997 according to the report from UK Office for National Statistics seen by Investogist.

UK economy has experienced a significant shock since the start of the Covid-19 pandemic, GDP has fallen dramatically, with record broad-based falls in output for production, services and construction.

The monthly decline in GDP in April 2020 is three times greater than the fall experienced during the 2008 to 2009 economic downturn. During the global financial crisis, from the peak in February 2008 to the lowest point of March 2009, a total of 13 months, GDP contracted by 6.9%.

April 2020 has experienced sharper falls than March as the negative impacts of social distancing and “lockdown” have led to a significant fall in consumer demand and business and factory closures, as well as supply chain disruption

Monthly analysis of businesses show that COVID-19 had a significant and wide-ranging negative impact on output during April 2020.

75% or more of the businesses in sports activities, amusement and recreation activities, accommodation, food and beverage service activities, libraries, archives, museums and other cultural activities and creative, arts and entertainment activities said they had temporarily closed or paused trading in April.

The COVID-19 pandemic had a significant and broad-based negative impact on construction output during April 2020

  • Read also; U.S Jobless Claims Hit 44 million in 12 weeks
  • UK Government to Borrow £225 billion in 4 Months

The construction industry experienced a strong decline in output of -40.1% during April 2020. This is the largest fall since monthly records began in January 2010. Largely due to suspension of construction projects.

The services industries were most impacted by social distancing, for example, travel and tour operators, accommodation and food and beverage services.

Of the 50 services industries, 40 fell by 10% or more, 27 by more than 20% and 8 by more than 50%.

The worst affected service industry is the Air Transport which declined by -92.8%. it is followed by Travel Agency, Tour Operator and other Reservation Service And Related Activities which decline -89.2% while Food and Beverage Service Activities fell by 88.5%.

Wholesale and Retail Trade and Repair of Motor Vehicles and Motorcycles industry declined by -87.3% while Accommodation dropped -86.9%.

Prime Minister Boris Johnson said he was “not surprised” by the figures. “We’ve always been in no doubt this was going to be a very serious public health crisis but also have big, big economic knock-on effects.”

“The UK is heavily dependent on services, we’re a dynamic creative economy, we depend so much on human contact. We have been very badly hit by this.”

Read further; Senate Passes the Increased Revised 2020 Budget

Chancellor Rishi Sunak said: “In line with many other economies around the world, coronavirus is having a severe impact on our economy.”

“The lifelines we’ve provided with our furlough scheme, grants, loans and tax cuts have protected thousands of businesses and millions of jobs – giving us the best chance of recovering quickly as the economy reopens.”

The chancellor said life would get “a little bit more back to normal” once High Street shops could reopen.

Street shops are set to happen on Monday in England, while shops in Northern Ireland have already been allowed to resume trading. Scotland and Wales have their own timetables for easing restrictions.

In response to the GDP report, shadow chancellor Anneliese Dodds warned that the UK’s economy was shrinking faster than those of other countries.

She said the UK would need “strong action to help us climb out of this as quickly as possible”.

Written by;

Ifunanya Ikueze

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