London’s main stock indexes fell on Friday, as data showed the UK economy shrank by a record 9.9% last year due to nationwide shutdowns that were imposed to curb the spread of COVID-19.
Data on Friday also showed Britain’s GDP grew 1.0% between October and December, avoiding heading back towards recession at the end of the year.
official figures published Friday showed the U.K. economy slumped 9.9% in 2020, posting its biggest annual fall in output since modern records began.
In the final three months of 2020, however, the U.K.’s GDP (gross domestic product) rose 1%, as the country once again imposed nationwide lockdown measures to curb the spread of Covid infections.
“Over the year 2020 as a whole, GDP contracted by 9.9 percent, marking the largest annual fall in UK GDP on record,” the Office for National Statistics said in a statement.
The blue-chip FTSE 100 index was down 0.2% at 0811 GMT, with mining and financial stocks leading declines. The mid-cap index fell 0.1%.
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