Menu Close

UK GDP suffers largest contraction on record

This is a syndicated repost published with the permission of Statista | Infographics. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

First estimates of the UK’s GDP in 2020 reveal that the country’s economy contracted by 9.9 percent in comparison to 2019. That marks the largest drop on record and as this infographic shows, by some margin. As stated by the Office for National Statistics: “This release captures the direct effects of the coronavirus (COVID-19) pandemic and the government measures taken to reduce transmission of the virus.”

A reminder though that this is an initial estimate and as covered by the ONS in their release: “We have faced an increased number of challenges in producing quarterly estimates of UK GDP for Quarter 4 2020. As a result of these challenges, (these) GDP estimates are subject to more uncertainty than usual and are likely to have larger than usual revisions in subsequent releases.”

This chart shows the annual change in UK GDP from 1949 to 2020.

uk annual gdp change

Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RSS
Follow by Email
LinkedIn
Share