US EditionUK economy was a bit bigger than thought at end of 2023, ONS says
The Office for National Statistics revised UK GDP upward by 2.2% at the end of 2023 due to improved data on research, development, and multinational firms' activities.
- On Tuesday, the Office for National Statistics announced that the UK economy was 2.2% larger at the end of 2023 than its peak before the pandemic, up from 1.9%.
- The Office for National Statistics said the revision followed a routine GDP methodology update, including improved research and development data and measurement of large multinational companies' activity.
- Craig McLaren, head of national accounts at the ONS, said, 'Overall, there is little impact on growth from all these improvements, with average annual growth over the period 1998 to 2023 remaining at 1.8% and average quarterly growth remaining at 0.5%.'
- With recovery lagging, Prime Minister Keir Starmer and Finance Minister Rachel Reeves promised to address Britain's slow post-pandemic growth after last year's national election.
- Comparisons indicate that at the end of June this year, the Organisation for Economic Cooperation and Development shows euro zone growth at 6%, US at nearly 13%, and Germany's economy only 0.3% larger than before the pandemic.
12 Articles
12 Articles
UK economy was a bit bigger than thought at end of 2023, ONS says
Britain's economy at the end of 2023 is now estimated to have been 2.2% bigger than its peak immediately before the coronavirus pandemic, up slightly from a previous estimate of 1.9%, the Office for National Statistics said on Tuesday.
UK economy was a bit bigger than thought at end of 2023
Britain's economy at the end of 2023 is now estimated to have been 2.2% bigger than its peak immediately before the coronavirus pandemic, up slightly from a previous estimate of 1.9%, the Office for National Statistics said today.
UK growth revised up two years late
The UK economy grew slightly more in 2023 than previously assumed due to a change in how official statisticians calculate research and development (R&D) data, the Office for National Statistics (ONS) said. Reflecting the difficulties in adding up output and consumption figures, the ONS said it was including new figures on tax data for R&D in its growth estimates. Researchers said the UK economy was 2.2 per cent above its pre-pandemic peak at t…
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