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UK economy shrank 2.9% in January lockdown as goods exports to EU fell at record rate

UK goods exports to the EU plunged by 40.7 per cent in January after the end of the Brexit transition period, official figures show. The monthly falls in imports from and exports to the EU are the largest since records began in 1997.

In the same month, UK gross domestic product (GDP) is estimated to have fallen by 2.9 per cent, as government restrictions reduced economic activity.

Gross domestic product (GDP) remained 9 per cent below its pre-pandemic peak. Services fell 3.5 per cent, manufacturing fell 2.3 per cent, while construction grew 0.9 per cent.

Manufacturing declined for the first time since April as car production dropped significantly.

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