The UK economy shrank by 9.9% in 2020, the largest annual contraction since records began, according to official data released on Friday.

In the fourth quarter of the year, GDP grew by 1%, according to the Office for National Statistics (ONS), as the country re-imposed nationwide lockdown measures to try and tackle a spike of coronavirus cases.

ONS deputy national statistician Jonathan Athow said: “An increase in Covid-19 testing and tracing also boosted output. The economy continued to grow in the fourth quarter as a whole, despite the additional [lockdown] restrictions in November.”

The 9.9% annual contraction is more than double that of 2009 in the aftermath of the global financial crisis.

Or as The Guardian puts it: “It is only beaten by the annus horribilis of 1709, when the Great Frost froze the country, driving GDP down by an estimated 13% -- well before we had proper economic statistics.”

Economists said that with restrictions expected to remain until early spring, the impact to the UK economy will be ongoing over the next few months.

“We anticipate a sharp decline in activity during the first quarter of the year,” said Kemar Whyte, senior economist at the National Institute of Economic and Social Research. 

“Nevertheless, growth will pick up from the second quarter onwards as restrictions ease on the back of a successful vaccination programme.”

Last year's contraction is steeper than almost any other major economy.  

The BBC’s Economics Editor, Faisal Islam, noted: “Businesses and households remain in holding pattern ready to unleash pent up growth when the economy is reopened.”