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12 Mar 2021 | 07:10

UK GDP falls less-than-expected 2.9% in January

(Sharecast News) - Britain's economy contracted by a less-than-expected 2.9% in January as the third national lockdown came into force, official data revealed on Friday. Economists had forecast a month-on-month decline of 4.9%. The figure comes after a 1.2% expansion of gross domestic product (GDP) in December.

The services sector acted as the main drag on growth in January, decreasing by 3.5% as restrictions on activity were reintroduced in response to the coronavirus pandemic, the Office for National Statistics said. The services sector was 10.2% below the level of February 2020 compared with 4.9% below the level seen in October 2020.

Britain was forced back into lockdown at the start of January to counter a rising number of Covid-19 cases, with schools and non-essential businesses shut.
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