U.S. gross domestic product (GDP) contracted 5% in Quarter 1 (Q1) 2020 (vs Q4 2019) but grew 2.1% (vs Q1 2019) on back of economic activity being hit due to the spread of COVID-19. On a long-term average, the numbers aren’t really that bad but Q2 2020 will be far worse …
The World Health Organization (WHO) declared COVID-19 a pandemic on the 11th of March. New cases and fatalities are growing exponentially. At the end of March there were about 857,000 cases globally (up from 85,000 at the end of February and 9,500 at the end of January).
UK gross domestic product (GDP) was flat (Quarter on Quarter compared to Q3 2019) in volume terms was flat in Q4 (October to December) 2019. Compared to Q4 2019 (same quarter a year ago), UK GDP increased by 1.1%.
The new Coronavirus (officially named COVID-19 now) infected 85,000 people at the end of February (up from 9,500 at the end of January). It is far more widespread now, not just in China but across other Asian countries. Far worse than SARS and MERS already – will this turn out to be a global pandemic?