Sharjah24 - AFP: The British economy shrank by 11 percent in 2020, its sharpest contraction in more than 300 years, as a result of the coronavirus pandemic, revised data by the official statistics body showed on Monday.
The Office for National Statistics had originally estimated that Britain's gross domestic product shrank by 9.3 percent in 2020, but the latest revision came about due to changes to the way the data are calculated, it said.
The contraction represents the sharpest since the "Great Frost" of 1709, according to data held by the Bank of England.
The UK economy has therefore shrunk by more than all other Group of Seven economies, but the ONS pointed out that only the United States had so far undertaken the same type of in-depth revisions.
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