LONDON – Official figures show that the British economy ended 2020 on a stronger footing than previously thought but that it suffered a bigger than anticipated fall in output in the immediate aftermath of the first coronavirus lockdown.
In its latest revisions for 2020 data, the Office for National Statistics said Wednesday that the British economy contracted by 19.5% during the second quarter, the first full quarter of lockdown.
That was worse that the 19% initial estimate. However, it said, the economy rebounded by 16.9% and 1.3% in the third and fourth quarters, better than the previous estimates of 16.1% and 1%.