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UK economy contracted by 1.5% in the first quarter amid lockdowns – CNBC

The U.K. economy contracted by 1.5% in the first quarter of 2021 as nationwide lockdown measures continued to weigh on activity.

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LONDON The U.K. economy contracted by 1.5% in the first quarter of 2021 as nationwide lockdown measures continued to weigh on activity, preliminary estimates revealed on Wednesday.
Economists polled by Reuters had expected GDP to shrink by 1.7%, with stringent restrictions having been in place throughout the first three months of the year as the country tried to contain spiraling Covid-19 cases.
However, with lockdown measures now being phased out and the economy reopening, the country is expected…

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