Gulf Newsbreak
    What's Hot

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023
    • Home
    • Contact Us
    Facebook Twitter Instagram
    Gulf NewsbreakGulf Newsbreak
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • More
      • Sports
      • Technology
      • Travel
    Gulf Newsbreak
    Business

    British economy shrank record 11 percent in 2020, its lowest since 1709

    August 22, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp Pinterest Email Tumblr Reddit VKontakte Telegram

    Updated official figures published on Monday showed that Britain recorded its biggest drop in output in more than 300 years as it faced the brunt of the COVID-19 pandemic in 2020, Reuters reported. According to the Office for National Statistics, the gross domestic product fell by 11 percent in 2020 as compared to the previous year. According to historical data hosted by the Bank of England, this drop was significantly larger than any of the ONS’s previous estimates. It represents the biggest fall since 1709.

    British economy shrank record 11 percent in 2020, its lowest since 1709Based on the initial estimates of the ONS, it was already apparent that in 2020 the British economy would suffer its biggest drop in output since the Great Frost of 1709. However, the ONS has recently revised down the magnitude of the fall to a more manageable 9.3 percent. This makes Britain’s economic slump the biggest in the Group of Seven. As a result of increased costs faced by individual retailers, retail contribution has also been reduced, while factory output was revised due to lower raw material costs.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email

    Related Posts

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    A gold price peak may be near – and it may last

    March 23, 2023

    Credit Suisse and UBS are in talks to merge – FT

    March 18, 2023

    Ryan Reynolds joins other celebrities in $1.35 billion Mint Mobile deal

    March 15, 2023

    In JV with SEG ENERA, AD Ports enters Uzbekistan logistics

    March 6, 2023

    Dollar slips as investors await Powell testimony

    March 6, 2023
    Latest News

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    Parshottam Rupala, the Indian Minister of Fisheries, Animal Husbandry and Dairy Industry of the Central…

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Globally, water pollution and sanitation are major problems – UN

    March 23, 2023

    A gold price peak may be near – and it may last

    March 23, 2023
    Business

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    A gold price peak may be near – and it may last

    March 23, 2023

    Credit Suisse and UBS are in talks to merge – FT

    March 18, 2023
    News

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Globally, water pollution and sanitation are major problems – UN

    March 23, 2023

    Funding drought compels UN food agency to cut rations in Afghanistan

    March 18, 2023
    Travel

    Dubai airline flydubai announces AED1.2 billion profit for 2022

    March 1, 2023

    Dubai Holding acquires full control of the Westin Paris – Vendome

    February 27, 2023

    Net profit at Air Arabia increased by 70 percent in 2022

    February 17, 2023
    © 2022 Gulf Newsbreak | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.