U.K. Economy Suffers Biggest Slump in 300 Years

LONDON—The U.K. economy recorded its biggest contraction in more than three centuries in 2020, according to official estimates, highlighting the Covid-19 pandemic’s economic toll on a country that has also suffered one of the world’s deadliest outbreaks.

Though the U.K. is grappling with a new, highly contagious variant of the coronavirus, Prime Minister Boris Johnson is hopeful that a rapid vaccination drive will permit a gradual reopening of the economy in the coming months, paving the way for a consumer-driven rebound later in the year.

Gross domestic product shrank 9.9% over the year as a whole, the Office for National Statistics said Friday, the largest annual decline among the Group of Seven advanced economies. France’s economy shrank 8.3% and Italy’s contracted 8.8%, according to provisional estimates. German GDP declined 5%. The U.S. shrank 3.5%.

However, the data showed the U.K. economy grew at an annualized rate of 4% in the final quarter of the year, aided by government spending and a small uptick in business investment.

The decline in U.K. GDP in 2020 was the largest in more than 300 years, according to Bank of England data, though the preliminary estimate is likely to be revised. BOE data shows the economy last recorded a comparable drop in 1921, when it shrank 9.7% during the depression that followed World War I. The economy last recorded a bigger contraction in 1709, when it tumbled 13% during an unusually cold winter known as the Great Frost.

Read More

Spread the love
Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

Latest articles

Fund childcare to allow more moms to join workforce,...

Please try another search Economy1 hour ago (Oct 15, 2021 04:52PM ET) 2/2 © Reuters. U.S. President Joe Biden arrives at Bradley International Airport in Windsor Locks, Connecticut, U.S., October 15, 2021. REUTERS/Leah Millis 2/2 By Jeff Mason HARTFORD (Reuters) - U.S. President Joe Biden touted a crucial part of his economic plan, funding for…

Head of largest California union arrested on charges of...

Please try another search Economy3 hours ago (Oct 15, 2021 02:50PM ET) SAN FRANCISCO (Reuters) - The head of California's largest union was arrested on Friday, a day after the prominent activist was charged with grand theft and tax fraud. Alma Hernandez, the executive director of SEIU California, and her husband Jose Moscoso were charged…

Spanish bank Sabadell to cut up to 1,605 jobs,...

Please try another search Economy39 minutes ago (Oct 15, 2021 05:17PM ET) © Reuters. FILE PHOTO: People walk at the door of a Sabadell bank office in Barcelona, Spain, September 7, 2021. REUTERS/Albert Gea/File Photo MADRID (Reuters) -Spanish bank Sabadell has reached a deal on Friday with a leading union to lay off up to…

North Korea Blasts ‘Squid Game’, Says It Depicts Capitalist...

The No. 1 rule of North Korea is, “Don’t be the first one to stop clapping.” Exception: Unless the subject is South Korea’s smash hit show Squid Game. While the dystopian Squid Game is the No. 1 show on Netflix in 90 countries, its not a big hit in North Korea...

Similar articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to our newsletter

Spread the love