Britain’s economy grew more robustly in 2022 than previously thought, according to revised official data released by the Office for National Statistics (ONS) on Wednesday. The new figures show that the economy expanded by 4.8% in 2022, surpassing the initial estimate of 4.3%. This upward revision stems from a reevaluation of the weight given to various sectors within the overall GDP data.
The ONS highlighted that the mining and quarrying sector, which includes oil and gas, now carries more weight relative to other sectors, reflecting the surge in oil and gas prices during the year. This boost in the energy sector contributed significantly to the overall economic growth.
Furthermore, the health sector received a larger weight due to its increased activity following the pandemic as it worked to address backlogs in treatments. The health service was busier than usual in 2022, adding to the overall economic output.
In contrast, the manufacturing sector saw a relatively smaller contribution to the economy due to rising costs, which reduced its impact. The accommodation and food sector also saw a diminished role compared to its pre-pandemic levels as it has not fully recovered from the downturn.
The ONS emphasized that these revisions will be applied retrospectively to data for 2023 and 2024, up to September 30, 2023. This means that previously released data for these years will be adjusted to reflect the updated weighting methodology.
