Survey and real activity data released last week again highlighted the devastating economic impact of the Covid-19 lockdown in the second quarter of 2020, the Bureau for Economic Research (BER) has said.
According to its “Weekly Review” statement, business confidence plunged to a record low as activity stalled in all but essential services and goods sectors during the initial five-week lockdown.
“Furthermore, mining output tanked by almost 50% year-on-year in April.
“Delayed data releases for March confirmed that the technical recession in the second half of 2019 extended into 2020 Q1 (1st quarter).”