According to official figures, the British economy contracted again in January due to the lockdown and Britain’s exit from the European Union.
Preliminary estimates by the Bureau of Statistics (ONS) show a 2.9% decline in GDP compared to the previous month.
However, the drop is less than the 5% decline that economists had expected.
There was no specific indication in the GDP report of the impact of the end of the transition period after the UK’s exit from the European Union.
However, the separate ONS trade data showed the largest monthly decline in imports and exports of goods in the United Kingdom since the statistics began in January 1997.
There was a 41% decrease in exports to the European Union during the month – by 5.6 billion pounds, and 6.6 billion pounds in imports from the European Union. According to the report, this represents a decrease of 29%.
The Deputy Chief of Economic Statistics at the Office for National Statistics, Jonathan Atho, said that although retail stores, restaurants, schools and hairdressing salons have closed and closed, and car production has slumped, the economy saw a big hit in January anyway.
This is due to the increase in health services due to the introduction of vaccines and the increase in the number of tests.
According to Jonathan Atho, they have partially compensated for the decline in other industries.
Friday, March 12, 2021 8:38 AM