UK economy £26bn bigger than previously thought, says ONS

From news.sky.com

Britain's economy is slightly bigger than previously thought according to new estimates published by the Office for National Statistics (ONS). The ONS said new methodology and data suggested gross domestic product (GDP) in 2016 was about £26bn, or 1.3%, than greater than earlier calculations had shown, at just under £2tn.They indicated that the economy grew at a slightly faster average annual pace of 2.1% between 1997 and 2016, up from 2% estimated previously. The figures also showed that UK GDP shrank by 6% during the financial crisis, revised from 6.3%, and that the economy returned to its pre-crisis peak in the ... (full story)