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London (dpa) - The British economy contracted drastically last year as a result of the corona pandemic.
As reported by the ONS statistics office in London, the gross domestic product (GDP) fell by 9.9 percent compared to the previous year.
This is a record decline.
Towards the end of the year, however, the economy grew again.
According to ONS, GDP in the fourth quarter was 1.0 percent above the level of the previous quarter.
For the year as a whole, both household spending and corporate investment fell sharply.
The economic slump followed a growth of 1.4 percent in 2019. In an international comparison, the corona pandemic hit the British economy hard.
In Germany, for example, the economic slump last year was only half as severe.
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In the fourth quarter, however, the British economy did not do badly internationally.
Germany, for example, recorded mini growth just above stagnation in the final quarter of 2020.
France and Italy have even shrunk, as has the euro zone.
The US economy grew roughly as fast as that of the UK.
© dpa-infocom, dpa: 210212-99-409254 / 2