Do you mean the size shown in the GUI of PBS when you are in the Datastore -> {store} -> Content panel?
That shows the size of the Backup if you would restore it. Not accounting for any possible sparse allocation.
How much space the actual backup takes is hard to calculate because all backups are stored in chunks which are deduplicated. Meaning if two or more backups share exactly the same chunk, they will not store it separately but will just reference it. Once no backup references a chunk anymore, it can be removed in a garbage collection run.
The whole deduplication and usage accounting has been discussed here in the forum quite a bit already. The TL;DR is that it is a bit more complicated and more unpredictable than storing a full backup and following incremental backups because if no data changes, the only size change is in the backup's metadata which references the chunks for the backup.
The "Deduplication Factor" in the "Datastore -> {store} -> Summary panel gives you an overview of how much chunks are being used in more than one backup.