UK Economy Richer by £26 Billion Based on Revised Estimates by ONS

According to latest calculations by the Office for National Statistics, Britain's GDP is £26 billion higher than previous figures.

Arslan Butt•Wednesday, August 21, 2019•1 min read

According to latest calculations by the Office for National Statistics, Britain’s GDP is £26 billion higher than previous figures. The new data looks back and revises calculations since 1997, and according to these revisions, the UK economy was 1.3% bigger than previously estimated in 2016.

The revised calculations by the ONS adds an average of 0.1% annual growth over the past 20 years, which totals to a figure that measures over a year’s worth of growth, based on current annual growth rate.

The revised estimates take into account a faster than expected rate of change of buildings, machinery and other capital by government and charities. Also revised are estimates of rate of in-house software development by businesses and services exports, both of which have come in larger than previously calculated.

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Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.