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ZUMA / Scanpix nuotr cable.
The economy of the United Kingdom (UK) in 2020 the new coronavir pandemic will attract 9.9%, a record annual contraction never recorded since data collection began.
The report was supplemented by the Bank of England’s forecasts.
The annual economic contraction of 9.9% is double that of 2009. during the financial crisis.
UK GDP grew 1% in the last quarter of the year, the UK Office for National Statistics said on Friday. In December, the UK economy was 1.2%. This resulted in better performance in the hairdressing, car sales and accommodation sectors. According to the BBC, that monthly result suggests that the UK will manage to avoid a recession.
UK Chancellor Rishi Sunak has said the economy has been hit hard by the global health crisis caused by COVID-19.
Increased COVID-19 testing and contact tracing have improved economic performance, with quarter-on-quarter growth recorded despite additional restrictions on the public in November, said Jonathan Athow, analyst at the UK Office for National Statistics. .
A survey of refinitiv economists predicts that the UK economy will grow in 2020. It will decline by 8% and 0.5% in the fourth quarter.
Despite two consecutive quarters of growth in the second half of last year, the economy is still 7.8% lower than before the pandemic.
The Bank of England, meanwhile, revised its forecast for annual GDP growth from 7.25% to 5%, but improved its forecast for next year from 6.25% to 7.25%.
Although the UK economy is forecast to contract by 4% in the first three months of the year, a rapid vaccination campaign will boost consumer spending.
According to the central bank, the economy grew before the pandemic in the first quarter of 2022.
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