UK economy shrank by 11% in 2020, largest fall in 300 years

Updated figures from the Office for National Statistics have shown that the UK economy suffered a greater fall than first recorded in 2020, shrinking by 11%, the biggest decline since 1709.

It comes as the ONS estimated 2020 for the first time using the Supply and Use Tables (SUTs) framework, which looks at the supply of goods and services on a “very detailed” level, how they are used in the economy, and their associated prices.

The UK is one of the first countries in the world to estimate the 2020 pandemic period through this framework, with the United States being the only other G7 country to do so.

Through its latest revisions, the ONS also found that the annual current price gross domestic product (GDP) growth in 2020 was revised down by 1.1 percentage points to a 5.8% fall.

Its next quarterly national accounts publication on 30 September will include new revisions for economic growth in 2021.