- Analytics
- News and Tools
- Market News
- New figures show UK economy a little larger than thought - ONS
New figures show UK economy a little larger than thought - ONS
Britain's economy is slightly larger than previously thought, according to new official estimates published on Tuesday that take into account new methodology and data.
The Office for National Statistics added around 26 billion pounds to the size of the world's fifth-biggest economy in 2016, a rise equivalent to around 1.3% of gross domestic product and bringing total output to just under 2 trillion pounds.
The ONS regularly updates its methods for measuring the economy, which usually results in slight increases to its size.
Average annual growth in the economy between 1997 to 2016 is now estimated at 2.1%, up from 2.0% previously.
"These new figures are produced using new sources and methods, giving significantly improved estimates of how money moves around the UK economy," Rob Kent-Smith, head of GDP at the ONS, said.
The new figures showed the economy contracted by 6.0% during the financial crisis, a smaller drop than the 6.3% estimated previously. The economy also returned to its pre-crisis peak in early 2013, slightly sooner than thought beforehand.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
