That would mark the deepest quarterly contraction on record
- A typical week of confinement in March reduced economic activity by 32%
- Estimates each two-week period of confinement to reduce annual GDP by 1.5%
Just for some perspective and this is considering that lockdown measures only started on 17 March. April is going to be much worse and that bodes ill for Q2 economic activity, with the possibility of lockdown and restrictive measures extending into May or even June.
