Britain’s economy shrank by the most in 300 years in 2020 amid the fallout from the coronavirus pandemic but has avoided a double-dip recession, according to official figures.
The Office for National Statistics said gross domestic product (GDP) fell by 9.9% in 2020 as no sector of the economy was left unscathed by lockdown and plummeting demand during the pandemic. It was the biggest fall in annual GDP since the Great Frost of 1709.
However, the latest figures showed the economy has narrowly avoided a double-dip recession, with growth of 1% in the final quarter of the year. Looser Covid restrictions in the run-up to Christmas enabled GDP to grow by 1.2 in the month of December, following a 2.6% fall in November.
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