Amid tight restrictions imposed to control the coronavirus pandemic, the UK economy contracted at a record pace in 2020, although the output grew at a faster-than-expected pace in the fourth quarter, avoiding a risk of another recession.
Gross domestic product logged a decline of 9.9 percent in 2020 with all four sub-sectors posting annual declines, the Office for National Statistics reported Friday. The economy had expanded 1.4 percent in 2019.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.