UK economy shrank 2.6 percent during November lockdowns
15 Jan 2021
The UK’s economy shrank by as much as 2.6 percent in November as the nation’s industries were hit hard by yet more lockdowns.
According to The Office for National Statistics (ONS), November GDP fell back to 8.5 percent below the pre-pandemic levels seen in February 2020 compared with 6.1 percent below in October 2020.
GDP fell by 8.9 percent in the 12 months to November 2020, compared with an annual decline of 6.8 percent to October.
Separate figures released earlier this week revealed UK retail sales hit a record 25-year low in 2020.
For the whole year, total sales fell 0.3 percent compared with 2019, a record low since records began in 1995, according to the latest BRC-KPMG retail sales monitor.
That drop was driven by non-food items, such as fashion, which were hit hard by months-long store closures. Non-food sales fell by 5 percent over the year.
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