UK economy shrank record 11% in 2020, worst since 1709 REUTERS - 7:29 AM ET 8/22/2022 TOP NEWS
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LONDON (Reuters) - Britain recorded its biggest fall in output in more than 300 years in 2020 when it faced the brunt of the COVID-19 pandemic, as well as a larger decline than any other major economy, updated official figures showed on Monday. Gross domestic product fell by 11.0% in 2020, the Office for National Statistics said. This was a bigger drop than any of the ONS's previous estimates and the largest fall since 1709, according to historical data hosted by the Bank of England. British statisticians regularly update GDP estimates as more data becomes available. The ONS's initial estimates had already suggested that in 2020 Britain suffered its biggest fall in output since the "Great Frost" of 1709. But more recently the ONS had revised down the scale of the fall to 9.3%, the largest since just after World War One. Even before the latest revisions Britain's economic slump was the largest in the Group of Seven, and the latest downward revision makes it greater than Spain's, which recorded a 10.8% fall in output.
