LONDON—The U.K. economy shrank by a fifth in April, a record decline that exposes the cost of nationwide lockdowns on the world’s advanced economies.

The U.K. economy shrank 20.4% in April compared with March, and was 24.5% smaller than the same month a year earlier, figures from the Office for National Statistics showed Friday. That was the largest monthly fall in output since comparable records began in 1997, the ONS said.

Industrial…

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