The United Kingdom’s statistics office announced on Thursday that its latest annual review of gross domestic product (GDP) shows the economy performed a bit better in 2023 and 2024 than earlier estimates indicated. The Office for National Statistics (ONS) said the revised figures add roughly 0.5% to the cash value of the economy in 2024, now estimated at £2.905 trillion (about $3.96 trillion).
Why the numbers changed
The upward revisions stem from improved measurement of several key components. The ONS highlighted more accurate data on the services sector, updated calculations for property rents, and a refined estimate of the benefit homeowners receive from not paying rent – known as imputed rent. These adjustments have raised the services‑output estimate for multiple years, giving a fuller picture of how different parts of the economy contribute to overall GDP.
Revised growth rates
Both 2023 and 2024 have been revised up by 0.1 percentage points. The 2024 annual growth rate now stands at 1.1%, up from the previously reported 1.0%. Over the longer term, the cumulative growth in volume terms from 1997 to 2024 has been adjusted to 61.7% from 59.2%.
Impact on past data
Much of the change reflects new calculations of imputed rent for homeowners and quality adjustments for rented property. Those adjustments have lowered GDP levels in earlier years while raising them in more recent periods, effectively shifting the growth curve upward.
Context within recent trends
British data to date have shown a persistent slowdown in growth after the 2008 financial crisis, with a further dip following the COVID‑19 pandemic. This contrasts with a recent pickup in the United States, where growth has been stronger.
Next steps
The revised figures will be incorporated into the quarterly GDP data for the second quarter of 2026, scheduled for release in September. Additional revisions to more recent data are set to be published on October 30.
“Incorporating this information into our estimates of GDP has led us to revise upwards our estimates of services output over a number of years and provides a more complete picture of how different parts of the economy contribute to GDP,” said Craig McLaren, the ONS head of national accounts.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
