UK economy slumps 2.9pc in January


Britain’s economy shrank by 2.9 percent in January after much of the country re-entered coronavirus lockdown, official data showed Friday.

Gross domestic product hit reverse after 1.2-percent growth in December, the Office for National Statistics said in a statement. “Government restrictions reduced economic activity,” the ONS said.

“Restrictions were in place to varying degree across all four nations of the UK during January.”

The economy was also 9.0 percent smaller than its pre-pandemic level in February 2020.

The ONS said reduced activity in education and consumer-facing industries such as hospitality drove a 3.5-percent contraction in the services sector.—AFP

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