UK GDP in November drops by 2.6% as lockdown 2 bites

By rotide
Created 15/01/2021 - 10:47

The Office of National Statistics has released the UK Gross Domestic Product figures for November, showing a decline of 2.6%, following a 0.6% gain in October, reversing 5 months gradual uphill progress. Overall the economic damage caused by the virus has resulted in a GDP drop of 8.5%, with the services sector showing a decline of 10% over pre pandemic figures.

However, forecasters were looking for a significantly larger decline in GDP than that reported by the ONS. With the lockdown extending through December, when restaurants and pubs make up a significant percentage of their quarter's turnover, totally lost to them, economists might have been just a month ahead of their time with the cup less than half empty call.

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