Rolling coverage of the latest economic and financial news
- Latest: UK shrank 9.9% last year – “worst on record”
- But economy avoids double-dip recession with growth in Q4
- Introduction: UK GDP report due today
- BoE chief economist: economy is a coiled spring
The UK has suffered its worst annual slump on record, with the economy contracting almost 10% last year amid the pandemic.
The Office for National Statistics reports that over the year 2020 as a whole, GDP contracted by 9.9%, “marking the largest annual fall in UK GDP on record”.
NEW: UK economy grew 1% in Q4 2020.
Total 2020 GDP was -9.9%.
This is the deepest fall since 1709 (-13.4%), though only just – it was -9.7% in 1921.
But I’d be a bit cautious abt those comparisons as 1) that historical data is v shaky and 2) 2020 may yet be revised up.
UK GDP FELL 9.9% IN 2020 – ONS
“Over the year 2020 as a whole, GDP contracted by 9.9%, marking the largest annual fall in UK GDP on record.” – first official estimates for full year from Office for National Statistics.