A report by the Office for National Statistics (ONS) on work carried out last year aimed at improving software investment suggests that initial estimates for 2003 may be as much as Â£10 billion out.
The study produces new estimates of software investment and outlines improved measures of levels of national investment, proposing an integrated approach to the use of surveys on company software purchases.
According to the Times, the ONS data indicates that companies are spending much larger sums on both in-house development and outside purchases of software.
The report updates statistical techniques and identifies areas of government and financial services where improved data is needed, suggesting that UK figures for software investment are similar to the US at just under two per cent.
The new figures show that Â£8 billion was spent on investment in purchased software during 2003, revised upwards from previous estimates of around Â£5.5 billion. Around Â£13 billion was actually spent on in-house software development over the year, up from Â£2.5 billion.