The British economy suffered its biggest recession in 300 years in 2020.
Preliminary estimates by the Office for National Statistics showed that the economy contracted by 9.9%, as restrictions imposed to contain the epidemic took a heavy toll.
section Services Prices for the country, which closed for most of last year due to the lockdown, fell 8.9 percent.
Oxford Street is almost empty on February 12, 2021. Photo by Reuters / Toby Melville.
However, the country appears About to be avoided A double-dip recession, which could have been the result of two consecutive quarters of negative growth in the wake of the recession in Spring 2020.
In the last three months of the year, gross domestic product increased by 1 percent compared to the previous quarter, which is more than most expectations.
Despite the presence of a new, more contagious strain than the Coronavirus, companies managed to do soList Due to the restrictions, schools remained open in the second half of last year.
The economy is expected to contract again in the first months of 2021, as most of Britain is subject to a strict lockdown after the peak of winter in cases.
But the rapid spread of vaccines has boosted expectations for an optimistic economic recovery later in the year.
The Bank of England Expecting the economy to return to its pre-pandemic size in early 2022.
A study of historical data by the central bank shows that last year’s recession was the worst since 1709, a year called the Great Frost, a very cold winter in Europe.