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The UK's revised GDP estimates for 2023 and 2024 include major changes to the way property rents and housing services are measured. The Office for National Statistics said updated calculations for imputed rent paid by homeowners and quality adjustments for rented properties contributed to higher GDP estimates in recent years. The revisions put the value of the UK economy in 2024 at £2.905 trillion, or around USD 3.96 trillion, 0.5% above the previous estimate. GDP growth for 2024 has also been revised to 1.1%, while cumulative growth since 1997 is now estimated at 61.7%.
Revised UK economic data has shown stronger growth in 2023 and 2024, with changes to the measurement of the property and rental market contributing to the higher GDP estimates.
The Office for National Statistics' (ONS) annual review found that the UK's economic output in 2024 was around 0.5% higher than previously estimated. The cash value of the economy is now estimated at £2.905 trillion, or around USD 3.96 trillion.
A key part of the revision relates to property rents. The ONS has updated its calculations for imputed rent, which measures the housing service homeowners receive from living in properties they own rather than paying rent. It has also made quality adjustments for rented properties.
These changes have lowered GDP estimates for some earlier years while increasing estimates for more recent periods. The updated property calculations, along with improved measurement of services, have therefore changed the contribution of housing and related activities to the overall economy.
GDP growth for both 2023 and 2024 has been revised up by 0.1 percentage points, taking the 2024 growth rate to 1.1%. Overall growth in volume terms between 1997 and 2024 has also been revised to 61.7%, compared with the previous estimate of 59.2%.
Craig McLaren, head of national accounts at the ONS, said the additional information had led to upward revisions in services output over several years and provided a more complete picture of how different parts of the economy contribute to GDP.
The revised figures will be incorporated into the UK's second-quarter 2026 GDP data, which is due to be published in September. Further revisions to more recent economic data are scheduled for October 30.
Source Reuters
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