UK consumer confidence hits record drop due to coronavirus

US, WASHINGTON (ORDO NEWS) — Consumer sentiment in the UK in March showed a maximum decline in more than 45 years against the backdrop of restrictive measures designed to curb the spread of coronavirus.

GfK, which has been conducting a monthly consumer sentiment survey in the country since 1974, conducted an additional survey in late March. The study showed the weakest sentiment since February 2009.

The British consumer confidence index for the economy fell to -34 points compared with -9 in a regular March survey. The decrease turned out to be the maximum for the entire observation period.

The GfK study, conducted from March 16 to 27 on behalf of the European Commission, was attended by 2 thousand Britons.

The UK Consolidated Business Activity Index (PMI) in March fell to 36 points from 53 in February, peaking since the start of research in January 1998, research firm IHS Markit said Friday.

Analysts warn that the UK economy is facing a serious recession , although recovery is possible later this year depending on the dynamics of the spread of coronavirus.

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