The UK economy had its worst year on record in 2020 as the effects of the coronavirus pandemic hit the nation's finances.
The Office for National Statistics (ONS) said gross domestic product (GDP) – a measure of the size of the economy – shrank by even more than first forecast during the first lockdown in April and June last year – plummeting by 19.5% against the 19% initial estimate.
However, in a number of revisions to previous figures, the ONS said the economy rebounded by 16.9% and 1.3% in the third and fourth quarters of 2020 respectively.
This marked steep increases on the 16.1% and 1% previous estimates.
The widespread revisions left GDP plummeting by 9.8% overall in 2020, against the 9.9% first pencilled in, but still the worst annual performance for more than 300 years.
Deputy national statistician at the ONS, Jonathan Athow, said: “Our revised quarterly figures show the economy shrank a little more than previously estimated in the initial stages of the pandemic, before recovering slightly more strongly in the second half of last year.
“However, these new estimates paint the same overall picture as before, with historically large falls in GDP in the spring, followed by a recovery in the summer and autumn.”
