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Economic system contracted from first lockdown additional than first estimated says ONS

Economic system contracted from first lockdown additional than first estimated says ONS

THE UK economic system suffered a steeper contraction in the course of the first coronavirus lockdown however bounced again extra strongly than beforehand thought on the finish of 2020, in response to official figures.

The Workplace for Nationwide Statistics (ONS) stated gross home product (GDP) – a measure of the dimensions of the economic system – shrank by much more than first forecast between April and June final 12 months – plummeting by 19.5% towards the 19% preliminary estimate.

Nevertheless, in a raft of revisions to earlier figures, the ONS stated the economic system rebounded by 16.9% and 1.3% within the third and fourth quarters of 2020 respectively.

This marked steep will increase on the 16.1% and 1% earlier estimates.

The widespread revisions left GDP plummeting by 9.8% total in 2020, towards the 9.9% first pencilled in, however nonetheless the worst annual efficiency for greater than 300 years.

Jonathan Athow, deputy nationwide statistician on the ONS, stated: “Our revised quarterly figures present the economic system shrank slightly greater than beforehand estimated within the preliminary levels of the pandemic, earlier than recovering barely extra strongly within the second half of final 12 months.

“Nevertheless, these new estimates paint the identical total