UK Economy Shrank by 2.6% in November Amid Coronavirus Restrictions

By Maria Martinez

The U.K. economy shrank in November, highlighting the economic cost of restrictions to curb the spread of the coronavirus pandemic.

The British economy shrank 2.6% in November, the Office for National Statistics said Friday, following six consecutive months of growth since lockdowns in the spring. Economists polled by The Wall Street Journal had forecast a 4.0% drop.

The economy in November was 8.9% smaller than it was a year ago. Over the three months through November, the economy grew 4.1%, a weaker pace than the 10.5% growth recorded August to October.

The Organization for Economic Cooperation and Development expects the U.K. to post the worst performance in 2020 of any Group of Seven advanced economy. It forecasts a contraction of 11.2% in the U.K for the year as a whole compared with a fall in France of 9.1% and in Germany of 5.5%.

Write to Maria Martinez at [e-mail]

(END) Dow Jones Newswires

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