Key facts
- Britain's economy grew slightly faster in 2023 and 2024 than previously estimated.
- Economic output is now projected to be 0.5% higher in 2024.
- Annual GDP growth for 2023 and 2024 was revised up by 0.1 percentage points each year.
- The 2024 growth rate has been revised to 1.1%.
- Revisions reflect improved measurement of the services sector and property rents.
Britain's statistics office announced on Thursday that the UK economy grew slightly faster in 2023 and 2024 than previously estimated. The revisions, part of an annual review of gross domestic product, are expected to make the economic output approximately 0.5% higher in 2024 than most recently estimated.
The Office for National Statistics (ONS) stated that these adjustments incorporate improved measurements of the services sector, property rents, and the benefit homeowners derive from not paying rent. Craig McLaren, the ONS' head of national accounts, explained that these changes provide a more complete picture of economic contributions.
The cash value of Britain's economy in 2024 is now estimated at £2.905 trillion ($3.96 trillion), a 0.5% increase from prior estimates. Annual GDP growth for both 2023 and 2024 has been revised upward by 0.1 percentage points each year, lifting the 2024 growth rate to 1.1%. Overall growth in volume terms from 1997 to 2024 has been revised to 61.7% from 59.2%.
Much of this change is attributed to new calculations for imputed rent for homeowners and quality adjustments for rented property, which lowered GDP in earlier years and raised it more recently. Historically, British data has shown a lasting slowdown in growth post-2008 financial crisis and a further decline after the COVID-19 pandemic, contrasting with a pickup in the United States.
These updated figures will be incorporated into the quarterly GDP data for Q2 2026, scheduled for publication in September. Further revisions to more recent data are expected on October 30.