UK economy declined by a record 11% in 2020, the most since 1709.

LONDON: In 2020, when it was hit worst by the COVID-19 epidemic, Britain saw its largest decrease in output in more than 300 years, more than any other major economy, according to newly released official numbers released on Monday.

The Office for National Statistics reported that in 2020, the gross domestic product decreased by 11.0%. According to historical statistics stored by the Bank of England, this decline was more than any of the ONS's earlier projections and the greatest decline since 1709.

As fresh information becomes available, British statisticians frequently modify GDP estimates.

Initial projections from the ONS indicated that in 2020 Britain had its largest drop in output since the "Great Frost" of 1709. The ONS, however, recently reduced the fall's magnitude downward to 9.3%, the highest since shortly after World War One.

The British economy experienced a remarkable rebound in 2018 and reached its pre-pandemic size in November 2021. The Bank of England anticipates that the economy will enter a new recession later this year, however, as a result of rapidly rising inflation.