UK’s hardest contraction in 311 years

Britain contracted 9.9 percent in 2020 with the effect of the new type of coronavirus (Kovid-19) epidemic, recording the sharpest contraction since 1709, when extreme cold and frost were seen across Europe.

According to data from the British Office of National Statistics (ONS), the country’s Gross Domestic Product (GDP) increased by 1 percent in the last quarter of 2020, exceeding the expectation of 0.5 percent. In December 2020 alone, GDP grew by 1.2 percent. The economy contracted by 2.3 percent in the previous month (November).

On the other hand, the British economy contracted 9.9 percent for the whole year, recording the sharpest contraction since 1709, when extreme cold and frost were seen across Europe.

While the annual contraction in the UK has not exceeded 4.1 percent since the Second World War, the contraction experienced in 2020 according to the GDP models of the Bank of England was recorded as the sharpest contraction in the last 311 years.

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“THE FIGURES SHOW THAT THE ECONOMY AFFECTED A SERIOUS SHOCK”

Regarding the data, British Finance Minister Rishi Altar said, “Today’s figures show that the economy is experiencing a serious shock as a result of the epidemic felt by countries all over the world.” used the expression.

Noting that the current quarantine continues to have a significant impact on many people and businesses, albeit with some positive signs that the economy is resilient in the winter season, Altar said, “That’s why our focus is to do everything we can to protect employment, businesses and (people’s) income.” found the assessment.

Evaluating the data, ONS National Statistics Office Expert Jonathan Athow stated that the economic contraction experienced in 2020 was twice the magnitude of the recent shrinkage in records.

Athow, “The increase in the implementation of the Kovid-19 test and tracking system in England supported production. The economy grew in the last quarter of the year despite additional quarantine measures. ” found the assessment.

The economy is planned to open gradually after the rapid vaccination in England.

The Bank of England (BoE) Andy Haldane had previously predicted that with the opening of the economy, the household accumulation of around £ 250 billion would stimulate the economy through consumption.

As of February 11, the number of people who died in the UK due to Kovid-19 increased by 678 to 115 thousand 529. The number of people who had the first dose of the Kovid-19 vaccine reached 13 million 509 thousand 108, of which 524 thousand 447 were administered the second dose of vaccine.


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Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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