The Office for National Statistics has revised up its estimates for UK Gross Domestic Product during and after the recession.
The change comes after estimates of proceeds from charities, illegal drugs, and prostitution were included in the official figures for the first time.
Growth has been revised up by 0.1 percentage points per year between 1997 and 2012.
The ONS also suggested the recession ended in the third quarter of 2013. Previously it had suggested the recession carried on until the second quarter of 2014.The changes to the way the ONS calculates GDP show that the economy shrank by up to 6% in the recession, rather than the previous “peak-to-trough” estimate of 7.2%.The revisions for 1997 to 2012 show that the size of the economy was on average 4% – or 50bn – larger than previously thought each year.
The change comes after estimates of proceeds from charities, illegal drugs, and prostitution were included in the official figures for the first time.
Growth has been revised up by 0.1 percentage points per year between 1997 and 2012.
The ONS also suggested the recession ended in the third quarter of 2013. Previously it had suggested the recession carried on until the second quarter of 2014.The changes to the way the ONS calculates GDP show that the economy shrank by up to 6% in the recession, rather than the previous “peak-to-trough” estimate of 7.2%.The revisions for 1997 to 2012 show that the size of the economy was on average 4% – or 50bn – larger than previously thought each year.
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