London, August 7 (FFN) – The British economy grew significantly more in 2022 than initially estimated. The Office for National Statistics (ONS) reported on Wednesday that the Gross Domestic Product (GDP) increased by 4.8% rather than the previously reported 4.3%, based on revised data. This information was provided by FFN, citing a Reuters report.
In its new report, the ONS attributed the stronger growth to the oil and gas sector, which benefited from high commodity prices, and the healthcare sector, which was busier than usual following the COVID-19 pandemic. In contrast, the manufacturing and accommodation and food services sectors contributed less to GDP in 2022 compared to the pre-pandemic year of 2019.
Revisions to GDP for the previous two years showed minimal changes, according to the ONS. During the pandemic in 2020, the British economy contracted by 10.3%, followed by a rebound in 2021 with growth of 8.6%.
| Year | GDP Growth |
|---|---|
| 2020 | -10.3% |
| 2021 | +8.6% |
| 2022 (Revised) | +4.8% |
The revised data highlights the resilience of the British economy in the face of global challenges, underscoring the significant role played by key sectors such as oil, gas, and healthcare in driving economic recovery.
