UK Economy Fell a Record 11% in 2020, , Worst Drop Since 1709.
According to Reuters, official figures paint a bleak picture of Britain’s current economy.
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Due to the COVID-19 pandemic and other economic upsets, the UK’s output dropped the most in more than 300 years.
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The Office for National Statistics stated that GDP fell by 11.0% in 2020.
The department’s initial estimates already predicted that Britain’s output would fall more than the "Great Frost" of 1709.
The ONS regularly updates its GDP estimates as new data comes in.
Their updated figures show lower contributions from retail and healthcare than expected.
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The health service faced higher costs than we initially estimated, meaning its overall contribution to the economy was lower, ONS statistician Craig McLaren, via Reuters .
Due to high inflation, the Bank of England predicts the economy will go into recession later this year.
