UK's Economy Shrinks By Record 9.9 % In 2020 - Office For National Statistics

LONDON (UrduPoint News / Sputnik - 12th February, 2021) UK's Gross Domestic Product fell to a record 9.9 percent in 2020 as a result of the lockdown measures taken by the government to tackle the spreading of the COVID-19 pandemic, the Office for National Statistics reported on Friday.

"Over the year 2020 as a whole, GDP contracted by 9.9%, marking the largest annual fall in UK GDP on record," the ONS report said.

Although the official body estimated that there has been a slight recovery in the months from October to December, with an increase in services, production and construction, the output of these industries still remained below their pre-lockdown levels.

"Loosening of restrictions in many parts of the UK saw elements of the economy recover some lost ground in December, with hospitality, car sales and hairdressers all seeing growth. An increase in COVID-19 testing and tracing also boosted output," ONS deputy national statistician for economic statistics, Jonathan Athow, said.

The expert confirmed, however, that the nearly 10 percent fall of the GDP in 2020 is "more than twice as much as the previous largest annual fall on record."

Shortly after the ONS report was released, UK Chancellor Rishi Sunak said in a statement that the government will do everything it can to protect jobs, businesses and livelihoods.

"While there are some positive signs of the economy's resilience over the winter, we know that the current lockdown continues to have a significant impact on many people and businesses," the minister said.

Sunak added that he will outline the next stage of the government's plan for jobs and the support scheme when he presents the next country's budget to Parliament on March 3.