UK economic productivity revised higher by ONS

VERA Brief

AI-generated. Grounded in the article and its cited sources.

The Office for National Statistics has revised UK economic productivity estimates higher. This revision provides updated data that will inform the Bank of England's upcoming interest rate decision.

Key facts

• The Office for National Statistics has revised its estimates for UK economic productivity.
• The revision indicates higher economic output than previously estimated.
• Multifactor productivity growth between 1997 and 2007 is now estimated to have been more robust.
• The updated economic data will be used by the Bank of England's Monetary Policy Committee.
• The Bank of England is scheduled to announce its interest rate decision on Thursday.