According to the report from Office for National Statistics, GDP is estimated to have increased by 1.3% in Quarter 4 (Oct to Dec) 2020, an upwards revision of 0.3 percentage points. Economists had expected a 1.0% increase.

There is little change to earlier estimate of UK gross domestic product (GDP) for 2020 as whole, which is now estimated to have contracted by 9.8%, slightly revised from the first estimate of a 9.9% decline; there are, though, revisions to the quarterly path through the year.

GDP in Quarter 2 (Apr to June 2020) is estimated to have fallen 19.5%, a downwards revision of 0.5 percentage points, and in Quarter 3 (July to Sept) is estimated to have grown by 16.9%, an upwards revision of 0.8 percentage points.

The household saving ratio increased to 16.1% in Quarter 4 2020, an increase from a revised 14.3% in Quarter 3 2020; over the year 2020, the household saving ratio rose sharply, reaching a record high of 16.3%, compared with 6.8% in 2019.

Non-financial corporations switched from a net lending position in Quarter 3 to a net borrowing position in Quarter 4; general government saw a decrease in their net borrowing position to 11.0% of GDP compared with 12.9% in Quarter 3.