The UK economy had its worst year on record in 2020 as the effects of the coronavirus pandemic weighed on the country’s finances.
The Office for National Statistics (ONS) announced that gross domestic product (GDP) – a measure of the size of the economy – fell more than the first forecast during the first lockdown in April and June last year, down 19 from 19, 5% is down% of the original estimate.
However, in a series of revisions to previous numbers, the ONS said the economy rebounded 16.9% and 1.3% in the third and fourth quarters of 2020, respectively.
This was a significant increase from the previous estimates of 16.1% and 1%.
Due to the widespread revisions, GDP fell 9.8% overall in 2020, down from 9.9% first discontinued but still its worst annual performance in more than 300 years.
Jonathan Athow, Assistant National Statistician at ONS, said: “Our revised quarterly figures show that the economy contracted slightly more than previously thought in the early stages of the pandemic, before recovering slightly more in the second half of last year.
“However, these new estimates paint the same big picture as before, with historically sharp GDP declines in the spring, followed by a rebound in the summer and fall.”