International Business News – According to several foreign media reports, the latest official data released by the United Kingdom on Monday showed that the country’s domestic output in 2020 recorded its sharpest decline in more than 300 years. The UK economy has been hit particularly hard by the impact of the coronavirus, with domestic output falling more sharply in 2020 than any other major economy.
UK domestic output fell by 11.0% in 2020, according to the latest revisions from the Office for National Statistics. According to historical data provided by the Bank of England, the drop was larger than any previous estimate by the Office for National Statistics and the largest drop in domestic output in Britain since 1709.
Earlier, preliminary calculations by the Office for National Statistics showed that domestic output in the UK in 2020 fell by the most since the “Great Frost” of 1709. But the ONS later revised the drop to 9.3%, the country’s biggest annual drop since the First World War.
As more data came out, the ONS further revised its domestic output decline figure, and the 11.0% drop also made the UK surpass Spain’s 10.8% as the largest decline among major economies.
However, U.S. News & World Report said the ONS cautioned against making direct comparisons with other countries, as most countries, except the U.S., do not apply such in-depth revisions to domestic output as in the U.K.
It is worth mentioning that although the UK economy will rebound sharply in 2021, it is facing the risk of recession again this year due to difficulties such as the energy crisis and soaring inflation. Recently, analysts at Europe’s Saxo Bank warned that the UK is becoming an “emerging market country”.