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UK suffers biggest drop in economic output in 300 years
UK suffers biggest drop in economic output in 300 years
Gloomy outlook for early 2021 after pandemic savages economy but hopes raised for spring recovery
World Economy News
12 Feb 2021
• 3 min read
The UK economy recorded its worst economic performance for more than 300 years in 2020 as it reeled from the initial shock of the coronavirus crisis before staging a better than expected recovery later in the year.
Official figures on Friday showed that the UK produced 9.9 per cent fewer goods and services last year than in 2019, a contraction worse than the 1921 slump after the first world war and Spanish flu — and almost as bad as the contraction in great frost in 1709 when the UK was an agricultural economy.