“This big upward revision brings forward the date at which Britain’s economy regained its pre-COVID size by more than a year and a half, and shows at the end of 2021 it had made a faster recovery than Germany, France or Italy, and was level with Japan, although it was behind the United States and Canada.”
…
Other countries had not finished revising GDP, so it was not yet possible to have a definitive ranking of their economic performance during and after COVID, the ONS said.”
Another reference that mentions the revision, it seems as though the means of calculating this is a new method (beyond merely analysing new data) and we’ll have to see how it pans out for other nations.
“There is a word of caution, though. One is that the national statisticians of other countries are embarking on similar revisions to their GDP statistics using something called the “SUTS” – supply and use tables – framework. This approach is reckoned to provide a more accurate assessment of how a particular industry or sector has performed and, by extension, the economy as a whole. The statistics offices of the UK and the US are, at present, the only ones to have done this.
As the ONS pointed out today: “This means that the UK has one of the most up-to-date sets of estimates for this period of considerable economic change. Other countries follow different revision policies and practices, which can result in their estimates being revised at a later date.”
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“This big upward revision brings forward the date at which Britain’s economy regained its pre-COVID size by more than a year and a half, and shows at the end of 2021 it had made a faster recovery than Germany, France or Italy, and was level with Japan, although it was behind the United States and Canada.”
…
Other countries had not finished revising GDP, so it was not yet possible to have a definitive ranking of their economic performance during and after COVID, the ONS said.”
Another reference that mentions the revision, it seems as though the means of calculating this is a new method (beyond merely analysing new data) and we’ll have to see how it pans out for other nations.
“There is a word of caution, though. One is that the national statisticians of other countries are embarking on similar revisions to their GDP statistics using something called the “SUTS” – supply and use tables – framework. This approach is reckoned to provide a more accurate assessment of how a particular industry or sector has performed and, by extension, the economy as a whole. The statistics offices of the UK and the US are, at present, the only ones to have done this.
As the ONS pointed out today: “This means that the UK has one of the most up-to-date sets of estimates for this period of considerable economic change. Other countries follow different revision policies and practices, which can result in their estimates being revised at a later date.”
https://news.sky.com/story/the-uk-actually-fared-much-better-after-covid-than-first-thought-heres-why-it-matters-12952220