Hospitality sector responsible for almost a quarter of Britain's GDP losses in April
Total GDP fell by 20.4% in that month.
Britain’s hospitality sector was responsible for nearly a quarter of the GDP losses felt by UK business in April, according to UKHospitality and CGA.
Total GDP in the UK fell by 20.4% in April, whilst new figures from the UKHospitality Tracker reveal that turnovers down nearly 90% in the same month.
Taking this with data from March, the groups said the sector has been responsible for some 32.7% of lost GDP for the country since the crisis began, with figures for trading in May and June “being no better.”
“This decline has been shockingly acute and graphically illustrates the importance of hospitality and tourism to the UK economy,” UKHospitality CEO Kate Nicholls said.
“The corresponding recovery can be as equally dramatic but we must be given a date to reopen by the 4th of July and we must be given the right conditions, with a distancing rule of one metre, and the right on-going support by the government to aid hospitality’s recovery, and to enable as many businesses as possible to survive, protecting jobs and communities.”
CGA Business Leader research estimated a 20-30% overall reduction in the number of pubs, bars and restaurants.
“The UK’s hospitality sector employs over 3 million people and is a huge generator of revenues for the Government. Reopening as soon as possible is vital not just for these businesses, but to enable the whole economy to be able to recover,” CGA group chief executive Phil Tate said.
Data has been compiled by CGA, using its own data assets combined with hotel data supplied by STR and fast food market data supplied by NPD Group’s Crest Panel, direct company contributions and complemented with ONS statistics.
