Monday 22 August 2022 – 11:50 pm
LONDON, August 22 / WAM / The British overall economy has skilled the greatest contraction in 300 several years because of to the “Covid-19” epidemic, according to a evaluation of details revealed by the Countrywide Statistical Office.
The French information company (AFP) reported that the Nationwide Statistical Business had earlier approximated that Britain’s gross domestic item had shrunk by 9.3% in 2020, but the most up-to-date revision was the end result of improvements in the way details is calculated.
The decline is the largest since the “Good Frost” of 1709, according to knowledge from the Bank of England.
The contraction of the British economic climate has exceeded that recorded in all G7 international locations.
“Sunday’s data displays that the well being company incurred bigger costs than originally believed, which indicates that its total contribution to the financial system has been decrease,” stated ONS statistician Craig McClaren.
He extra that the retail sector knowledge was also downgraded after the evaluate: “Much more comprehensive estimates stability distinctive resources with the preferred products stage and reveal that stores and wholesalers sold much less than we originally assumed throughout the pandemic,” he mentioned. .
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Wam / Abdel Nasser Monem
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