Using annual estimates from summed monthly GVA data (Digital Sector)
Published 13 June 2024
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This publication is available at https://www.gov.uk/government/statistics/economic-estimates-digital-sector-monthly-gva-to-march-2024/using-annual-estimates-from-summed-monthly-gva-data-digital-sector
1. Annual GVA estimates from summed monthly GVA (Digital Sector)
1.1 About these estimates
These annual estimates have been produced by summing monthly Gross Value Added (GVA) estimates for the 12 calendar months in each year from 2019 to 2023. They are our most timely way of estimating annual GVA for the Digital Sector but, as they are based on the monthly GVA estimates, the same caveats as the monthly GVA release apply (full methodology available in the technical report). These estimates will be superseded by our more robust annual GVA series when data becomes available.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 June 2024. The index is a chained volume measure and estimates are given in 2022 prices, meaning that 2023 estimates have been adjusted down to remove inflation. 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.
- Monthly GVA gives a timely estimate that is then revised frequently, in line with scheduled revisions to the underlying Office for National Statistics (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 the most recent annual GVA publication for the Digital Sector which was produced by the Department for Culture Media and Sport (DCMS).
1.3 Key findings
Digital sector
We estimate that in 2023, GVA by the Digital Sector was approximately £161 billion (in 2022 prices), 1.1% higher in real terms than in 2022. In comparison GVA by the UK economy as a whole was 0.3% higher in 2023 than in 2022.
DCMS’s 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 81.3% in real terms between 2010 and 2022 compared to 21.5% for the UK economy.
Telecommunications sector
We estimate that in 2023, GVA by the Telecommunications Sector was approximately £35 billion (in 2022 prices), 5.7% higher in real terms than in 2022. In comparison GVA by the UK economy as a whole was 0.3% higher in 2023 than in 2022.
DCMS’s traditional annual GVA estimates showed that, up to 2022, GVA by the Telecommunications Sector grew faster than GVA by the UK economy as a whole, increasing by 306% in real terms between 2010 and 2022 compared to 21.5% for the UK economy.