The UK saw its biggest drop in output in more than 300 years in 2020 as it grappled with the impact of the Covid-19 pandemic. Official British recession figures were updated on Monday, 22.
Gross Domestic Product (GDP) fell by 11% in 2020 Office for National Statistics (ONS). It was the biggest fall since 1709, according to historical data from the Bank of England.
Initially, estimates had already seen the UK 1709 in 2020 suffering the biggest drop in production since the big freeze.
Before the latest revisions, the region’s economic slowdown was already the worst in the G7 group of seven wealthy nations.
“The health service faced higher costs than we initially estimated, meaning its overall contribution to the economy was lower,” said ONS statistician Craig McLaren.
A closer look at the rising costs faced by individual retailers led to a downward revision of the sector’s contribution, while factory production was revised in view of lower raw material costs.
The UK economy has recovered strongly over the past year, reaching pre-pandemic levels in November 2021. But rapidly rising inflation is what the Bank of England expects. The economy returns to recession More this year.
