Nigel Holland
GDP fell by 20.4% in April 2020, following a fall of 5.8% in March 2020
Monthly index, January 1997 until April 2020
Source: Office for National Statistics – GDP monthly estimate
Monthly gross domestic product (GDP) fell by 20.4% in April 2020, the biggest monthly fall since the series began in 1997.
| February 2020 | March 2020 | April 2020 | Change in GDP (February 2020 to April 2020) | Rolling three-month growth (February to April 2020) | |
|---|---|---|---|---|---|
| GDP | -0.2% | -5.8% | -20.4% | -25.1% | -10.4% |
| Index of Services | 0.0% | -6.2% | -19.0% | -24.0% | -9.9% |
| Index of Production | -0.1% | -4.2% | -20.3% | -23.7% | -9.5% |
| Manufacturing | 0.3% | -4.6% | -24.3% | -27.8% | -10.5% |
| Construction | -2.1% | -5.9% | -40.1% | -43.6% | -18.2% |
| Agriculture | -0.1% | -0.2% | -5.5% | -5.6% | -2.1% |
Source: Office for National Statistics – GDP monthly estimate
Notes
- Change in GDP refers to the percentage change from February 2020 to April 2020 Back to table
- Rolling three-month estimates are calculated by comparing GDP in a three-month period with GDP in the previous three-month period. For example, GDP in February to April compared with the previous November to January. Back to table
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Record falls were also seen across all sectors:
- services – largest monthly fall since series began in 1997
- production – largest monthly fall since series began in 1968
- manufacturing – largest monthly fall since series began in 1968
- construction – largest monthly fall since series began in 2010
The monthly growth rate for GDP is volatile. It should therefore be used with caution and alongside other measures, such as the three-month growth rate, when looking for an indicator of the longer-term trend of the economy. However, it is useful in highlighting one-off changes that can be masked by three-month growth rates.