Britain's economy is around 1.3% larger than previously thought - a gain of...
FILE PHOTO: Offices are seen at dusk as St. Paul's cathedral and construction cranes are seen on the skyline in the City of London, Britain November 2, 2015. REUTERS/Toby Melville/File Photo
Britain is the world’s fifth-largest economy, with annual economic output worth $2.8 trillion last year according to figures published by the International Monetary Fund in April. However, the figures do not change the broader picture of a marked slowdown in growth since the 2008 global financial crisis and they capture only a few months of the period after the Brexit referendum in June 2016 which has weighed on the economy.
Thursday’s growth upgrade was largely driven by reductions in estimates of how long assets such as buildings, computers and machinery can be used for, the ONS said, and comes as part of a three-year plan to improve the price data used to calculate GDP.
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