Britain appears to be worse off than its European counterparts as coronavirus locks destroy their economies.
Britain reported a record-breaking 20.4 percent decline in GDP in April, the first full month after people were ordered to their homes.
While most other countries don't report monthly GDP figures, some countries report monthly data on comparable sectors – which shows that the UK is more affected.
It comes after an OECD report indicated that the UK economy could be hit hardest among the major industrialized nations.
A graph shows the percentage decline in key sectors of the UK, French, German and Italian economies in April where comparable data was available. The UK underperformed its peers in all three of the sectors examined, with the exception of German manufacturing
Manufacturing in France fell 21.9 percent in April compared to a 24.3 percent decline in the UK in the same month.
Industrial production in Italy and Germany declined 19.1 percent and 17.9 percent in April.
This compares to a larger 20.3 percent drop in the UK.
The retail sector performed worst. In Germany and Italy, sales in this sector decreased by 10.5 percent in April and by 5.3 percent in April.
In the UK, the same sector declined 18.1 percent over the same period.
Germany and Italy both loosened their coronavirus locks faster than the UK. Some stores are allowed to open in both countries in April to mitigate the decline.
Most retail stores in the UK have not yet started operating again. Smaller shops may only be reopened on Monday.
The only comparable number that Britain did better than any of its European counterparts was manufacturing compared to Germany.
UK retail was particularly affected as stores are currently open across much of Europe, as closings are eased quickly but most of the UK's main roads are still closed
In April, order intake in German manufacturing – the backbone of the country's economy – decreased by 28.5 percent.
According to ONS figures, this corresponds to 24.3 percent in Great Britain.
Of the countries reporting monthly GDP figures, the UK was by far the worst hit in April.
In the same month, Canada saw an 11 percent decline in GDP, while Norwegian GDP fell 4.7 percent, although the country was also completely closed.
The numbers follow a report from the OECD warning that Britain could be worst hit among the major industrialized nations.
The British economy is likely to collapse by 11.5 percent in 2020 and decline faster than the economies of Germany, France, Spain and Italy.
This is because Britain is heavily dependent on the service sector, which is one of the countries most affected by the corona virus.
When bad economic data hit, stock markets around the world began to decline as hopes of a quick recovery from the virus evaporated.
The three major US stock indexes – the S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite – posted the worst day in weeks on Thursday, with further falls expected on Friday.
The OECD warned earlier this week that Britain is likely to be the most coronavirus-hit economy this year
In Asia, the reference indices in China, Japan and Hong Kong have lost ground, and the Australian stock market closed in the red for a second day.
There were also declines in Europe: the British FTSE 100, the French CAC and the Dax in Germany each lost four percent or more.
As it turned out today, Covid-19 forced the UK economy to shrink by an astonishing 20.4 percent in April – the biggest decline ever.
GDP fell more than a fifth in the first full month of the blockade after falling 5.8 percent in March, which was a record in itself.
UK plc has shrunk 25 percent since February, with the worst recession in 300 years when the Great Frost devastated Europe.
Roland Kaloyan, Societe Generale's European equity strategist, said: “Government, businesses and people would be better prepared for the second wave than for the first.
“The problem is that governments that inject money have a limit. You are now using all resources for a V-shaped recovery. & # 39;
Britain avoided serious economic problems at the beginning of the pandemic by delaying the blockade, as the quarterly figures show
While most other countries do not publish GDP figures monthly, almost all – including the UK – publish quarterly figures.
Since the data were collected from January 1 to March 31 – at this point, most countries had just introduced locks – they do not represent the overall impact.
However, they allow a more direct comparison between the countries.
The measure is doing better for Britain, which was later banned than most other nations – it was down just 2 percent, though it's still the biggest drop since the 2008 crisis.
Compare this to Germany, which escaped the worst coronavirus, where GDP fell 2.2 percent in the first quarter.
This fall was also the country's greatest success since the 2008 crash.
Italy, France and Spain, which were all blocked at least a week before the UK, recorded a decline of 5.3 percent, 5.8 percent and 5.2 percent, respectively.
All of these declines have been the largest in any country since modern records were kept.
For Italy and France, whose economies were already declining before the blockade, this meant plunging into recession.
Meanwhile, the United States saw a 5 percent drop, also the largest drop since the 2008 crisis.
These numbers are expected to deteriorate in the second quarter, which covers the first full month of closure, as each country releases more data later this year.
Analysts had forecast a 10 percent decline in Germany, while Deutsche Bank predicted a 40 percent decline in the US economy.
The only country surveyed by MailOnline that grew in the first quarter of 2020 was Sweden – which avoided an overall ban.
The authorities in Stockholm said that the economy there grew by 0.1 percent in the first three months of the year, compared to 0 percent previously.
In reality, this means that the economy has been flatlining for six months, but has avoided the steep declines elsewhere.