June 27, 2020 / 11:02 PM / 12 days ago

UK private-sector activity suffered record Q2 fall, CBI says

LONDON, June 28 (Reuters) - British private-sector economic activity fell at a record pace in the three months to June due to the impact from COVID-19, but there are signs that the decline has bottomed out, the Confederation of British Industry said on Sunday.

Official data showed British economic output suffered a record 20% fall in April, and Sunday’s figures point to a hefty decline over the quarter as a whole.

The CBI said its monthly growth indicator, which measures activity over the previous three months, sank to -71 in June from -63 in May, its lowest since the series began in 2003.

“These figures show the full impact of coronavirus on the economy after three months of shutdown. However, there are signs that we’ve hit rock bottom,” CBI economist Alpesh Paleja said.

Non-essential shops were allowed to reopen to the public on June 15, and pubs and restaurants will be allowed to reopen for table service from July 4.

Prime Minister Boris Johnson is expected to give a speech setting out plans to boost economic recovery later this week.

The CBI data was collected between May 26 and June 15 in three separate surveys of retailers, manufacturers and the services sector. (Reporting by David Milliken, editing by Andy Bruce)

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