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
Gross Domestic Product, more commonly known as GDP, remains the world’s most closely-watched economic indicator. Its growth – or lack of it – is used to measure economic progress. A positive GDP reading suggests an economy is growing, a negative one that it’s slowing down. But there is much more to GDP that just one number. In this post Craig McLaren is our guide to how GDP is calculated and how it’s best understood.Read more on What is GDP and how do we measure it?
The ONS has published updated, indicative, estimates for how much the economy shrank in 2020, when COVID-19 first hit. These numbers look a little different to our earlier takes on this challenging period. Craig McLaren explains what’s changed and why.Read more on Updating our estimates of the pandemic’s effects on the UK’s economy – the new ONS estimates explained