Gross Domestic Product at market prices: Current price: Seasonally adjusted £m. Source: UK Office for National Statistics ONS.
Gross Domestic Product at market prices: Current price: Seasonally adjusted £m. Source: UK Office for National Statistics ONS.
Yes the has shrunk around 8.6 percent due to economic impact of pandemic. However many say this is the worst economic impact on the UK for 300 hundred years. In fact in terms of volume the 3rd quarter of 2020 is the worst since the 2nd quarter of 2014.
The bigger picture is that the UK like the rest to the world has suffered greatly economically due to the pandemic. However the UK is recovering fast and although there continues to be set backs along the way back, the UK is recovering from the economic impact of the pandemic. With the vaccines the UK can expect extraordinary economic growth for at least the next two years according to the UK Office for Budget Responsibility.
Lets start seeing the wood from the trees.