Market Analysis

Britain's economy experienced stronger growth than previously recorded in 2022, based on revised official data that placed greater emphasis on the oil and gas sector, which benefited from high prices, and the health service, which was addressing COVID-19 backlogs.

The Office for National Statistics (ONS) announced on Wednesday that it now estimates Britain's economy grew by 4.8% in 2022, an increase from the previous estimate of 4.3%.

Revisions to the Gross Domestic Product (GDP) for the two preceding years—when the economy contracted by 10.3% in 2020 due to the pandemic and then rebounded by 8.6% in 2021—were minimal, according to the ONS. These adjustments were part of the ONS's annual revisions to historical data.

The ONS updated its method of weighting various sectors within the overall GDP data, with mining and quarrying now having a larger relative contribution. The health sector was also given more prominence due to its increased activity following the pandemic.

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Paraphrasing text from  “Reuters" all rights reserved by the original author.