UK economy shrank 2.9% in January due to coronavirus lockdown restrictions

THE UK economy shrank by 2.9% in January 2021 after taking a hit due to the third national lockdown.

This marks a step backwards from December last year, when the economy grew 1.2%, according to the Office for National Statistics.

The economy was also 9% smaller than its pre-pandemic level in February 2020, it added.

The services sector was the main drag on growth, decreasing by 3.5%.

Meanwhile, total imports and exports of goods saw the largest monthly fall since records began in January 1997, according to separate ONS data.

This was driven by a 40.7% fall in exports to and a 28.8% fall in imports from the EU.

More to follow…

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