A nowcast for the EM for the 12 months ended March 2021 which incorporates the second lockdown, published by the Economic Statistic Centre of Excellence (‘ESCoE’) on a rolling 4 quarter basis, has estimated that the EM economy contracted by 9.4%.
This ranked the EM ‘best’ in the UK (previous ranking also top) with Wales’s 13.4% contraction the ‘worst’. The UK overall posted -11.8% on the same measure.
ESCoE is a partnership of research institutions and the Office for National Statistics (‘ONS’) and has highlighted that during these unprecedented times, with differing lockdowns, there is no historical data that their model can...
