23/07/2004

Value of UK economy rises by almost half-a-trillion pounds

The total value of the UK at the end of 2003 topped £5.3 trillion, an increase of £456 billion on the previous year, according to the latest estimates from an Office for National Statistics (ONS) report.

Capital stocks, capital consumption and non-financial balance sheets end-2003, showed that at the end of last year the total net worth of the UK including financial assets was £5,344 billion.

The ONS figures showed that the most valuable asset continued to be housing with a total value of £3,045 billion - up 11% on the previous year and 57% of total wealth. Of this £2,869 billion belongs to households and non-profit organisations.

(gmcg)

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