Overview

• Revised national accounts show the economy was 2.2% larger at the end of 2023 than its pre‑pandemic peak, up from a previous 1.9% estimate.
• The uplift reflects routine methodology updates that better capture research and development activity and the operations of large multinationals, including overseas manufacturing.
• Later corporation tax returns indicated higher corporate profits than earlier estimates, boosting recorded output for 2022 and 2023.
• Updated education statistics point to a smaller decline in 2020 but a slower recovery afterwards, leaving the sector slightly smaller than previously thought.
• ONS officials say the long‑term growth picture is broadly unchanged, with average annual growth from 1998 to 2023 still about 1.8% and the three GDP measures now more closely aligned.