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UK economy suffers record 9.9% slump in 2020 – business live

Rolling coverage of the latest economic and financial news

7.17am GMT

7.15am GMT

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.

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