The economy was hit hard by the first lockdown but made a surprise recovery in the final quarter of last yearThe economy exceeded expectations to grow by 1 per cent in the final quarter of last year but it still suffered its worst annual performance in more than three centuries, official figures show. Output shrank by 9.9 per cent in 2020, according to the Office for National Statistics, as repeated lockdowns forced businesses to close and people to stay at home. The record fall wiped out seven years of economic growth, taking the economy back to its 2013 size. SponsoredThe contraction is the worst since records began in 1955 and is thought to be the deepest downturn since 1709 when the Great Frost descended across Europe causing the UK economy to shrink by an estimated 13.4 per cent. Last year’s performance was marginally worse than

Source: The Times February 12, 2021 08:26 UTC