The UK Office for National Statistics revises up GDP growth for 2023 and 2024, with adjustments in the service sector and rental accounting contributing 0.5 percentage points.

智通财经2026/08/20 13:11

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The UK Office for National Statistics released its annual GDP revision report on Thursday, raising the economic growth rate for 2023 and 2024 by 0.1 percentage points respectively. As a result, the annual growth rate for 2024 has increased to 1.1%, and the total economic output is estimated to have expanded by about 0.5% compared to previous forecasts.
This revision mainly stems from improved methods of calculating service sector output, optimized rental accounting for real estate, and a reassessment of implicit rental income for owner-occupiers. These adjustments have raised GDP levels in recent years while lowering the base figures for earlier years.
The cash value of the UK economy in 2024 has been revised up to £2.905 trillion, equivalent to approximately $3.96 trillion; the cumulative real growth from 1997 to 2024 has also been revised from 59.2% to 61.7%.
Officials from the Office for National Statistics stated that the new accounting methods provide a more complete picture of the economic structure, helping to clarify the contribution of different sectors to GDP, especially enabling a more accurate reflection of the service sector's overall economic share.
Previously, UK data had long shown a trend of sustained slowdown in growth after the 2008 financial crisis and another setback after the pandemic, in contrast to the US. This revision will be formally incorporated into the GDP data for the second quarter to be released in September, while more recent data adjustments will be published on October 30.

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