Sectoral productivity estimates

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Overview

This project seeks to examine if, and the extent to which, measurement error contributes to the productivity puzzle.

Lead: Nick Oulton (LSE, NIESR)

Co-Leads: Sylaja Srinivasan (NIESR, Bank of England), Rebecca Riley (NIESR), Mary O’Mahony (King’s)

Expected end date: Q4 2020/2021

Objectives: This project seeks to examine if, and the extent to which, measurement error contributes to the productivity puzzle. This will include revisiting the sector level productivity estimates in the light of advances in measurement and examination of both growth accounting and productivity levels relative to our major competitors. The main issues that will be addressed in this project will be:

  1. How is industry real output by sector affected by a movement from single to double deflation of value added?
  2. How have revisions to output and input measures, the system of national accounts and adding new inputs affected relative industry performance in terms of productivity growth?
  3. What impact might revisions to tackle well known problems in measuring service sector activities and in measuring the modern economy have on the shares of industries in aggregate output?
  4. Are there issues specific to levels accounting that require addressing?

Project code: 2.3

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