UK GDP Revising 2020 Still Worst Year Ever

The UK's GDP slump for 2020 was revised to 9.8 per cent from a first estimate of 9.9 per cent, but this was still the largest annual fall in the country's output on record, according to figures from the Office for National Statistics (ONS).

Meanwhile, the fourth quarter (Q4) GDP grew by 1.3 per cent, up from an initial estimate of 1.0 per cent growth, quoted the ONS.

This left GDP 7.3 per cent below the fourth quarter of 2019, revised from a previous estimate of 7.8 per cent, it added.

Notably, the household saving ratio increased to 16.1 percent in the fourth quarter from a revised 14.3 per cent in the third.

Over the year, the ratio rose sharply, reaching a record high of 16.3 per cent, compared with 6.8 per cent in 2019, said the ONS.

On February 22, Prime Minister Boris Johnson announced his four-step roadmap exiting the lockdown, the third of its kind since the start of the pandemic in the country.

From Monday, two households or groups of up to six have been allowed to meet outside, including in private gardens, while outdoor team sports also restarted.

In the second step, no earlier than April 12, all shops will be allowed to open, along with close-contact services, including hairdressers and beauty salons.

Restaurants and pubs will also be allowed to serve food and alcohol to customers sitting outdoors.

All Covid-19 restrictions in England are expected to be removed by mid-June.

Other parts of the UK, including Wales and Northern Ireland, have also unveiled plans to ease the restrictions.