The UK economy contracted by 9.9% in 2020

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The UK economy

The UK economy contracted by 9.9% in 2020, which is the most significant annual contraction since CNBC notes.

In the last quarter of the year, gross domestic product (GDP) grew by 1%, according to the British National Statistics Office (ONS), as the country again imposed national blocking measures to combat a recent increase in cases of Covid- 19.
The annual contraction of 9.9% is more than twice as much as in 2009 after the global financial crisis.
Economists surveyed by Refinitiv expected an 8% annual decline in 2020 with a fourth-quarter increase of 0.5%. After a revised recovery of 16.1% in the third quarter, The UK economy contracted eased social, tourism, and business restrictions.
According to Johns Hopkins University, as of the morning of February 12, Britain had registered more than 4 million cases and 115,000 deaths. The United Kingdom has been affected by new and more transmissible variants of the virus in recent months.
Britain remains in national quarantine without a precise end date. However, Prime Minister Boris Johnson confirmed that one in four adults, or approximately 13 million people, has already received the first dose of the Covid vaccine.

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In December, GDP increased by 1.2% compared to the previous month but remained 6.3% below the level of February 2020. GDP for the fourth quarter remained 6.6% below the level observed in the fourth quarter of 2019.
The services sector grew by 1.7% in December, shrinking by 3.1% in November, while production reported the eighth consecutive month of growth, although it is the smallest since May 2020, ONS reported.
The UK’s central bank expects the economy to shrink sharply in the first quarter of 2021 due to ongoing national quarantine. According to the Financial Times, the country is doing quite well with immunizing the population, which raises hopes for economic recovery in the spring.
The UK economy contracted by 9.9% in 2020, which is the most significant annual contraction since CNBC notes.
In the last quarter of the year, gross domestic product (GDP) grew by 1%, according to the British National Statistics Office (ONS), as the country again imposed national blocking measures in an attempt to combat a recent increase in cases of Covid- 19.
The annual contraction of 9.9% is more than twice as much as in 2009 after the global financial crisis.
Economists surveyed by Refinitiv expected an 8% annual decline in 2020 with a fourth-quarter increase of 0.5%. After a revised recovery of 16.1% in the third quarter, The UK economy contracted eased social, tourism, and business restrictions.
According to Johns Hopkins University, as of the morning of February 12, Britain had registered more than 4 million cases and 115,000 deaths. The United Kingdom has been affected by new and more transmissible variants of the virus in recent months.
Britain remains in national quarantine without a precise end date. However, Prime Minister Boris Johnson confirmed that one in four adults, or approximately 13 million people, has already received the first dose of the Covid vaccine.
In December, GDP increased by 1.2% compared to the previous month but remained 6.3% below the level of February 2020. GDP for the fourth quarter remained 6.6% below the level observed in the fourth quarter of 2019.
The services sector grew by 1.7% in December, shrinking by 3.1% in November, while production reported the eighth consecutive month of growth, although it is the smallest since May 2020, ONS reported.
The UK’s central bank expects the economy to shrink sharply in the first quarter of 2021 due to ongoing national quarantine. According to the Financial Times, the country is doing quite well with immunizing the population, which raises hopes for economic recovery in the spring.

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The UK economy

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