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12 Feb 2021 | 07:23

UK economy contracts by record 9.9% in 2020

(Sharecast News) - Britain's economy shrank by 9.9% in 2020, the worst annual slump on record amid the Covid-19 pandemic, according to official data released on Friday. The contraction in 2020 "was more than twice as much as the previous largest annual fall on record" said the Office for National Statistics.

In December, the economy grew by 1.2%, after shrinking by 2.3% in November, which the ONS said was due to the loosening of some coronavirus lockdown restrictions.

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