Rishi Sunak says UK economy is ‘better’ than international peers
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Office for National Statistics data reveals the economy grew by 16.9 percent and 1.3 percent in the third and fourth quarters of 2020. However, gross domestic product (GDP) shrank by more than expected in the second quarter during the first coronavirus lockdown, plunging by 19.5 percent.
Overall GDP plummeted by 9.8 percent overall in 2020, against an initial recording of 9.9 percent last year.
This is the largest contraction of the UK economy in more than 300 years, according to a GDP reconstruction by the Bank of England.
Meanwhile, UK output expanded 1.3 per cent in the final quarter of 2020 compared with the previous three months, an increase revision from 1 per cent.
Jonathan Athow, deputy national statistician at the ONS, said: “Our revised quarterly figures show the economy shrank a little more than previously estimated in the initial stages of the pandemic, before recovering slightly more strongly in the second half of last year.
“However, these new estimates paint the same overall picture as before, with historically large falls in GDP in the spring, followed by a recovery in the summer and autumn.”
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