THE UK economy bounced back more strongly than first thought in the last six months of 2020, but was still down 9.8% overall for the year.
Gross domestic product (GDP) grew by 16.9% and 1.3% in the third and fourth quarters, the Office for National Statistics has said.
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But the economy shrank by more than expected in the second quarter during the first coronavirus lockdown, plunging by 19.5%.
This left GDP down by 9.8% overall in 2020, against the 9.9% first estimated.
The latest figures are based on revised data released by the ONS today.
Jonathan Athow, deputy national statistician at the ONS, 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.”
More to follow…
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