Britain’s economy experienced stronger growth in 2022 than initially estimated, according to revised data from the Office for National Statistics (ONS). This revised data attributes the improvement to the oil and gas sector, which benefitted from high prices, and the health service, which was busy addressing backlogs from the COVID-19 pandemic.
The ONS announced on Wednesday that it now believes Britain’s economy grew by 4.8% in 2022, an increase from the previously estimated 4.3%. Adjustments to GDP figures for the two preceding years were minor, showing a 10.3% decline in 2020 during the pandemic, followed by an 8.6% recovery in 2021.
The ONS has updated the weighting of different sectors within the overall GDP data. Mining and quarrying have been given greater emphasis due to the rise in oil and gas prices. The health sector has also seen increased weighting because of its heightened activity post-pandemic. Conversely, manufacturing’s contribution has diminished due to increased costs, and the accommodation and food sector remains smaller than its pre-pandemic size.
These revisions will also be applied to data for 2023 and 2024 by the end of September, the ONS indicated.
The adjustments in the sectoral weightings reflect the shifting dynamics within Britain’s economy, highlighting areas that have seen significant changes post-pandemic. This revised data underscores the economic impact of high oil and gas prices and the ongoing recovery efforts within the health sector.
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