When the United Kingdom went back into a coronavirus lockdown in January, its economy shrank by less than feared in that month, but trade with the European Union (EU) was badly hit as new post-Brexit regulations were introduced. Gross domestic product was 2.9 per cent lower than in December, according to data released by the Office for National Statistics (ONS).
The country suffered its worst economic slump in three centuries last year when it shrank by 10 per cent. But the country is racing ahead with vaccinations and, economists expect the economy would shrink by 2 per cent in the first quarter of this year, half the hit forecast by the Bank of England (BoE) in February, a global newswire reported.When the United Kingdom went back into a coronavirus lockdown in January, its economy shrank by less than feared in that month, but trade with the European Union (EU) was badly hit as new post-Brexit regulations were introduced. Gross domestic product was 2.9 per cent lower than in December, according to data released by the Office for National Statistics.#
The ONS figures also showed exports and imports from Britain to the EU plunged by the most on record, although there was a delay in gathering some of the data and there were signs of a pick-up towards the end of January.
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