The United Kingdom has recorded its biggest fall in output in more than 300 years in 2020 due to COVID-19 pandemic, according to Office for National Statistics(ONS). The Office for National Statistics in a statement yesterday said that Gross Domestic Product (GDP) fell by 11.0 per cent in 2020.
According to historical data hosted by the Bank of England, this was a bigger drop than any of the ONS’s previous estimates and the largest fall since 1709. The Office for National Statistics’ initial estimates had already suggested that in 2020 Britain suffered its biggest fall in output since the Great Frost of 1709. UK’s economy bounced back sharply last year and recovered its pre-pandemic size in November 2021.
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