Using annual estimates from summed monthly GVA data (digital)
Published 20 February 2024
© Crown copyright 2024
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gov.uk.
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/statistics/dcms-and-digital-economic-estimates-monthly-gva-to-dec-2023/using-annual-estimates-from-summed-monthly-gva-data-digital
1. Annual GVA estimates from summed monthly GVA (Digital)
1.1 About these estimates
Figures for the digital sector and telecoms are presented separately from DCMS sectors here as responsibility for these policy areas now sits with the Department for Science, Innovation and Technology.
These annual estimates have been produced by summing monthly GVA estimates for the 12 calendar months in each year from 2019 to 2023. They are our most timely way of estimating GVA for the digital sector but, as they are based on the monthly GVA estimates, the same caveats apply (full methodology), and they should be used with caution. These estimates will be superseded by our more robust annual GVA series when data becomes available.
1.2 Key technical points:
- The estimates are based on the monthly data as published in February 2024. The index is a chained volume measure and level estimates are given in 2022 prices, meaning that 2023 estimates are not fully adjusted for inflation and it is likely these would be higher if presented in 2023 prices, although growth rates would be unchanged. These estimates include our earliest estimate of GVA in 2023; this is based on recent data and is more uncertain than estimates for earlier years.
- The monthly GVA gives a timely estimate that is then revised frequently, in line with scheduled revisions to the underlying ONS datasets as new information becomes available. Correspondingly, these summed estimates will be revised in future as necessary.
- These estimates cannot be directly compared to our annual GVA estimates series, due to methodology differences, however, it is possible to look at trends up to 2022 using the annual series, and trends from 2022 using these estimates. You can find data from 2010 to 2022 in our most recent annual GVA publication.
1.3 Key findings
1.4 Digital sector
We estimate that in 2023, GVA by the digital sector was approximately £161 billion (in 2022 prices), 1% higher in real terms than in 2022, in comparison GVA by the UK economy as a whole was 0.4% higher in 2023 than in 2022.
Our traditional annual GVA estimates showed that, up to 2022, GVA by the digital sector grew faster than GVA by the UK economy as a whole, increasing by 81% in real terms between 2010 and 2022 compared to 22% for the UK economy.
1.5 Telecoms sector
We estimate that in 2023, GVA by the telecoms sector was approximately £35 billion (in 2022 prices), 5% higher in real terms than in 2019, in comparison GVA by the UK economy as a whole was 0.4% higher in 2023 than in 2022.
Our traditional annual GVA estimates showed that, up to 2022, GVA by the telecoms sector grew faster than GVA by the UK economy as a whole, increasing by 300% in real terms between 2010 and 2022 compared to 22% for the UK economy.