The UK economy recovered from the pandemic faster than had previously been thought, new revisions from the Office for National Statistics (ONS) show.
In the latest set of Blue Book revisions, the ONS upgraded their estimate for GDP growth in 2022 from 4.3 per cent to 4.8 per cent. This upgrade was a “little larger” than usual, the ONS said.
The upgrade was primarily driven by stronger growth in transport and professional and business support services, the figures showed.
The ONS said that the changes showed that “the economy did better than our initial estimates suggested” as well as point to the “sizeable changes” in the way the economy operates post-pandemic.
Growth in 2021 was revised a little lower while the deep slump in 2020 was slightly less severe than first though.
The revisions reflect better and more comprehensive survey responses which take some time to collect and process.
In September the ONS will be extending the revisions to update 2023 and 2024 GDP estimates.
More to follow