The British economy contracted at its fastest annual rate ever, as the Coronavirus pandemic forced thousands of companies to remain closed for months in a row.
The Office for National Statistics said today, Friday, that the gross domestic product decreased by 9.9% in 2020.
However, the country managed to avoid a double economic recession, after recording growth in the fourth quarter.
Surin Theroux of the British Chambers of Commerce said, “Although a double economic depression has been avoided, as production is still well below pre-pandemic levels, amidst confirmation that 2020 has been a historically bleak year for the UK economy, there is little cause for joy in Latest data”.
The largest decline was recorded by the British National Statistics Office in the construction sector, which shrank by 12.5%.