UK GDP in 2020 collapses most since 1709

The UK economy has posted its biggest drop in three centuries in 2020, Report informs citing Bloomberg.

The revised official statistics pointed to the devastating economic consequences of the coronavirus pandemic.

The UK Office for National Statistics (ONS) in its annual Blue Book report on economic activity showed that the country's economy contracted by 11% in 2020, and not by 9.3% as originally reported.

Thus, the fall in GDP in 2020 was the most significant since 1709. At the same time, in the second quarter of 2020, the economy collapsed by 21%, and not 19.4%, as originally reported.

The ONS said in a statement that the revision is mainly due to the fact that more extensive data has become available thanks to the annual surveys and a number of administrative data.