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"declined precipitously" is a correct and usable phrase in written English.
It means that something decreased rapidly or dramatically. Example: The company's profits declined precipitously after the stock market crashed.
Exact(60)
But then Mr. Morgan's health declined precipitously.
Mengs's reputation has declined precipitously since the 18th century.
No wonder voting and party membership among young Germans has declined precipitously.
Her father, an oilman, died when she was a girl, and the family fortunes declined precipitously.
Relations between the region's nomadic peoples and the United States declined precipitously from that point onward.
Bluefin populations have declined precipitously, and bluefin fishing is prohibited in the gulf.
Although President Ma's power rose to new heights in 2013, his popularity declined precipitously.
As a result, the terms of trade declined precipitously for producers of primary commodities.
Marriage has declined precipitously among young women, both college graduates and women with less education.
As overt prejudice has declined precipitously, the term has crept outward and downward.
A nationwide poll has found that President Bush's approval rating among students has declined precipitously.
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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