The United Nations has approved changes to how countries measure their economies, introducing wind and wave power into calculations for the first time. The update, set to take effect in 2030, aims to reflect evolving economic factors, including the value of data as an independent asset.

Previously, assets like oilfields were factored into economic size estimates, but the new rules expand this to renewable energy sources. The economic contribution of wind and wave power will be determined based on the potential energy output from a country’s turbines. Additionally, data will now be recognized as a distinct asset, beyond just the infrastructure housing it, such as servers and cables.

According to experts, these changes are adjustments rather than a complete overhaul. Prof. Diane Coyle of the University of Cambridge described them as "tweaks," while Ben Zaranko of the Institute for Fiscal Studies labeled it an "accounting" shift rather than a real economic boost. While it does not increase material wealth or tax revenue, it could lead to a statistical rise in the estimated size of economies.

For the UK, the changes could impact government spending commitments. Labour has pledged to allocate fixed percentages of GDP to areas like defence and foreign aid. A projected 2-3% increase in GDP calculations by 2030 could require an additional £2 billion in defence spending, adding pressure on future budgets.

The Office for Budget Responsibility (OBR) has decided not to incorporate these changes into its upcoming assessment in March. However, they may pose a financial challenge for future Chancellors as they come into effect later in the decade.