UK GDP experiences largest annual fall on record

U.K. gross domestic product in the fourth quarter of 2020, from October to December, is estimated to have grown by just 1%, following revised 16.1% growth in the third quarter, according to data released by the Office of National Statistics (ONS).

However, the level of GDP in the U.K. is 7.8% below its Quarter 4 2019 level. Over 2020 as a whole, GDP contracted by 9.9%, the largest annual fall on record.

Overall In Quarter 4 2020 output of the services, production and construction sectors remained below their Quarter 4 2019 (pre-pandemic) levels.

The service sector alone contributes 80% of annual GDP.

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