UK GDP shrank by 11%
UK GDP shrank by 11%, its biggest drop in 300 years – data for 2020 shows
RT / August 23, 2022
The British economy shrank by 11% in 2020, its largest drop in 300 years, revised data from the UK Office for National Statistics (ONS) showed on Monday. The previous reading had been a 9.3% decline.
This happened to be the biggest drop since the ONS began keeping records and the UK’s largest GDP slump since 1709, the year of the ‘Great Frost,’ when the country’s economy shrank by 13.4%, according to historical data provided by the Bank of England.
The downward revision was triggered by new data showing the effect the Covid-19 pandemic had on healthcare and individual retailers.
“The health service faced higher costs than we initially estimated, meaning its overall contribution to the economy was lower,” ONS analyst Craig McLaren explained, adding that retailers also faced higher costs, which prompted statisticians to revise their contribution to the economy.
In 2021, the British economy largely returned to its pre-pandemic levels. However, since the start of this year, it has been increasingly battered by rising inflation, and analysts now fear the country could tip into recession by the end of the year.
The ONS is due to publish its updated growth figures for 2021 and the first half of 2022 in September. The agency routinely updates its GDP estimates when it obtains more data.
Therefore the LORD, the God of hosts, the LORD saith thus: “Wailing shall be in all streets, and they shall say in all the highways, ‘Alas! Alas!’ And they shall call the husbandman to mourning, and such as are skillful in lamentation to wailing.
And in all vineyards shall be wailing, for I will pass through thee,” saith the LORD.
Woe unto you that desire the day of the LORD! To what end is it for you? The day of the LORD is darkness, and not light:
as if a man fled from a lion, and a bear met him; or went into the house and leaned his hand on the wall, and a serpent bit him.
Shall not the day of the LORD be darkness, and not light? Even very dark, and no brightness in it? Amos 5:16-20
Joel Huan
The Mystery of Ephraim 