Gross Domestic Product – better known as ‘GDP’ – remains the leading internationally-recognised indicator of economic activity and growth. In common with other countries, the ONS updates methods and sources we use to measure the GDP of the United Kingdom. In this post, Craig McLaren takes us through this year’s improvements.
Read more on Improved GDP figures bring new insights
Today we’ve released our annual revisions of the UK’s Gross Domestic Product (GDP) covering the period up to 2022. As…
Read more on Updating the picture of post-pandemic UK economic growth
The UK economy has been affected by some unprecedented events in recent years, with the effects of the COVID-19 pandemic followed immediately by the huge rise in energy costs due to the war in the Ukraine. For the ONS, these have increased the challenge of producing economic statistics that are both fast and accurate. Dramatic changes in the underlying data tend to bring added uncertainty to our initial estimates. As Craig McLaren explains, we are exploring ways to better portray this in our statistical outputs.
Read more on Communicating uncertainty in GDP estimates
Today the Office for National Statistics has brought previously announced updates for the pandemic period into its official GDP figures and updated its figures for 2022 and the first half of 2023. As Craig McLaren explains, after the improved picture for 2020 and 2021, today’s figures leave the picture of the UK economy over the last 18 months broadly unchanged.
Read more on GDP – Bringing the big picture up-to-date
The ONS has published updated and indicative estimates of GDP, which show that the economy was larger than we previously thought in 2020 and 2021, though our estimate for the UK’s monthly and quarterly economic trends is broadly unchanged. Craig McLaren explains what’s led to this brighter picture.
Read more on Improving our estimate of businesses’ outgoings during the COVID-19 pandemic
