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The phrase "decline precipitously" is correct and can be used in written English.
It means to decrease or fall rapidly and suddenly. Example: The stock market saw a sharp decline precipitously due to the economic recession.
Exact(43)
Yet financing for health promotion and prevention activities would decline precipitously under the administration's budget.
Doctors find this authorization requirement onerous, so sales of drugs subject to the requirement decline precipitously.
The market for sport-utility vehicles is so glutted that their resale value could decline precipitously.
After living a high-income rock 'n' roll life in the 1970s, Mr. Emerman saw his fortunes decline precipitously.
But only one person can win that, and the rewards decline precipitously as you get further down the ranking.
This may help to explain why crime can decline precipitously, rather than drift down slowly, over time.
Similar(17)
Populations are declining precipitously throughout its distribution.
But then Mr. Morgan's health declined precipitously.
Revenue was declining precipitously as consumers panicked and shunned luxury.
Tuna stocks are declining precipitously due to overfishing.
Mengs's reputation has declined precipitously since the 18th century.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com