UK economy shrinks 5.8% in March, most on record

UK economy shrinks 5.8% in March, most on record

LONDON: Britain's economy shrank by a record 5.8 percent in March from February as the coronavirus crisis escalated and the government ordered a shutdown of much of the country to stop the spread of the virus, official data showed on Wednesday.. In the first three months of the year, gross domestic product contracted by 2.0 percent from the last three months of 2019, the Office for National Statistics said.. Last week, the Bank of England said Britain's economy could be heading for its sharpest annual slump in GDP in more than 300 years, saying a 14 percent fall was possible, followed potentially by a 15 percent rise in 2021.. TOKYO: Sony said Wednesday its annual net profit tumbled 36.5 percent, affected by lower revenue from games and electronics products and the absence of one-time financial gains recorded the preceding year.. Sony said its group net profit came in at $5.4 billion (¥582.2 billion) for the year that ended in March..