U.K. Economy Grew More Than Estimated Before Pandemic Struck

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The U.K. economy grew more strongly than previously thought in the year prior to the coronavirus pandemic, data published Monday show.

Gross domestic product expanded 1.7% in 2019 instead of the previously estimated 1.4%, the Office for National Statistics said. That capped a decade that produced 2% average growth a year, a figure that was revised up from 1.8%.

The revisions are part of the annual Blue Book review. This year they include the impact of using double deflation, a method of calculating gross value added that aims to better capture the prices of goods and services used in the production process.

Under double deflation, the current price of both output and inputs in every industry are deflated by separate price indices.

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As a result, manufacturing posted stronger growth, and an improved deflator has resulted in higher GVA in the telecommunication sector, the ONS said.

– Bloomberg

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