British Economy Contracted In 2020

The British economy contracted in 2020. The country's economy contracted by 9.8 percent. According to data released by the British Office of National Statistics (ONS), the country's economy grew by 1.3 percent in the last quarter of 2020 compared to the previous quarter. The British economy contracted by 9.8 percent last year. The expectation of the market was that the country's economy would contract at the level of 9.9 percent in 2020. Pantheon Macroeconomics UK Economist Samuel Tombs, in his assessment on the subject, stated that Britain’s economy received the hardest hit due to the epidemic last year and experienced the hardest contraction. The Bank of England announced that it expects the country's economy to grow at the level of 5 percent this year.     This article has contributions of AA.