Britain’s economy contracted by 2.2% in the first three months of 2020 – its sharpest decline in more than 40 years – as the immediate impact from the Covid-19 pandemic provided an even more severe hit to output than first thought.
That’s for the year up to March 31. Piffle, entirely an irrelevance. It’s what has happened since then that matters.
But it’s also true that this is how long it takes to produce decent GDP figures. Which does rather show how lousy is the information base we’ve got to try and plan the economy, doesn’t it?