The British economy has experienced the biggest contraction in 300 years with the closure measures brought about by the coronavirus pandemic.
The National Statistics Office said the country’s economy shrank by 9.9 percent last year compared to 2019. Thus, the decline in Gross Domestic Product (GDP) more than doubled in 2009 from the global financial crisis that shook the world. The greatest contraction in the British economy was recorded in 1709, after the Great Don, which paralyzed the lives of extreme cold in Europe.
80 percent of the British economy, 8.6 percent in production, 12.5 percent in construction, the contraction in the service sector was 8.9 percent.
Prospects for economic recovery were hampered by a third shutdown in the fourth quarter of 2020, with restaurants, schools and all non-essential shops in the country in mid-December. There are also severe restrictions in Northern Ireland, Scotland and Wales.
The new events will be announced on March 3
“Today’s data shows that the economy is experiencing a serious shock as a result of the global pandemic,” said Finance Minister Rishi Sunak. The altar said that despite some signs of a positive recovery in the economy, they know that the current closure has had a major impact on many people and businesses.
The finance minister said he would announce new measures to provide employment and boost the economy during a March 3 annual budget presentation to the House of Commons.
“These figures show that Britain has not only the worst death rates in Europe, but also the biggest crisis among major economies,” said Anneliese Dodds, economic policy spokeswoman for the opposition Labor Party. Warning that the business world can no longer wait, Dodds called on the government to immediately present a plan that will provide the economy for the coming months.
The Covid-19 pandemic affected Britain more than any other industrialized country. While France’s GDP fell by 8.3 percent, this rate was 5 percent in Germany and 3.5 percent in the United States.
AP / BK, EC
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