UK economic growth for ’22 revised to 4.8%

Britain’s economy experienced stronger growth in 2022 than previously reported, with the Office for National Statistics (ONS) revising its estimate to 4.8 per cent, up from 4.3 per cent.

This adjustment reflects increased contributions from the oil and gas sector, buoyed by high prices, and a more active health sector addressing COVID-19 backlogs.

The ONS’s revisions also updated the weighting of economic sectors, elevating mining and quarrying in response to rising oil and gas prices and reflecting the health sector’s increased activity post-pandemic.

In contrast, manufacturing, accommodation and food sectors were noted as smaller contributors compared to pre-pandemic levels.

The economy contracted by 10.3 per cent in 2020 and rebounded by 8.6 per cent in 2021. Further revisions for 2023 and 2024 data are scheduled for September 30.

Attribution: The Office for National Statistics (ONS)