Economic growth revised up sharply in boost for Britain
The TelegraphThe ONS said it now knew the economy was bigger that year because it has richer figures available from annual surveys and administrative data. When factoring in how much the British population grew and the better growth figures, the revisions mean real gross domestic product per head improved marginally at 0.1pc. The ONS also reviewed how much the economy grew in 2020 and 2021, finding that in the first year of the pandemic, GDP fell slightly less than expected by 0.1 percentage points to 10.3pc. Ms Gregory said: “This still implies the UK has lagged behind the US and the eurozone since the pandemic, although it is now not quite as far behind.” She added that upgrades to productivity were encouraging, and one might conclude the economy can grow faster than previously thought without overheating. So it’s possible the OBR judges actual growth has been running a bit further above potential than it previously thought and leaves its medium-term growth forecasts broadly unchanged as a result.” Measuring economic growth is difficult and imprecise, meaning revisions are common especially after turbulent times.
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