The UK economy grew stronger in the fourth quarter of 2020 than previously thought. According to the UK National Statistical Office, growth was 1.3 percent compared to the previous quarter. Previously, a plus of 1 percent was reported on a quarterly basis.
Over the entire coronavirus year 2020, the UK economy still showed a historically strong contraction of 9.8 percent, according to the statistics office. That is a fraction less than the 9.9% contraction previously reported, but still the sharpest economic downturn for the United Kingdom in more than three centuries. The country is one of the most affected countries by the coronavirus crisis.
Economists expect the UK economy to shrink again in the first quarter of this year due to the quarantines against the coronavirus. After that, a substantial recovery from the crisis is expected.