London, February 12 Preliminary statistics released by the British Office for National Statistics on the 12th show that the British gross domestic product (GDP) contracted by 9.9% in 2020, the largest annual decline on record.
The UK economy grew by 1.0 percent month-on-month in the fourth quarter of 2020, and decreased by 7.8% year-on-year, according to the data.
Services, industry and construction in the three major sectors of the British economy all grew in the quarter, but it was still below the pre-epidemic level.
Rich Sunak, the Chancellor of the Exchequer, said that the data showed that the British economy had suffered a huge shock last year, many households and businesses were in trouble, and the British government would announce the next stage of the support plan in the budget in early March.
According to Thomas Pew, a British economist who invested in macros, said that the growth in the fourth quarter of last year meant that the British economy avoided a technical “double bottom”.
The third widespread “foot ban” means that the economy will almost certainly decline again in January, but it should rebound significantly in the second half of 2021.