Capital and Productivity – Overview
This section contains historical data on capital stocks, capital services and productivity measures at an aggregate and industry level stretching back to the C18th. Links to the Conference Board Total Economy Database and EU KLEMS datasets are provided so that these can be linked to modern growth accounting datasets. Relevant periodicals include the Blue Book and Input-output analytical tables.
Capital Stocks from 1760Capital stocks by asset and industry from 1855-1965 were constructed by Charles Feinstein as part of his work on National Accounts and can be found in
The estimates for capital formation, gross and net capital stocks and net trade were subsequently revised by Charles Feinstein in a joint study edited with Sidney Pollard. These data supersede those in the 1972 volume and decennial estimates were made back to 1760 for Great Britain. These are available in the spreadsheet
Capital Stocks derived from pre-ESA10 systems of national accounts are available in current prices and chained volume measures from 1995
Capital Services from 1950Experimental data on capital services is now produced by the ONS and annual data by industry for the market sector is available from 1950.
UK labour and multi-factor productivity since 1760Aggregate data back to 1760 on capital stocks and services, labour inputs and productivity measures, can be found in:
- The Labour, Capital and Productivity section of Millennium of Macroeconomic Data v3.1 (xls). Summary data are available to visualise via FRED
For modern UK productivity data comparable with estimates for other countries users should consult the Conference Board Total Economy Database and the EU KLEMS database.
Sources and methodsCapital Stocks and Services
For a discussion of the methodology behind the construction of consistent estimates of capital stocks and services in the UK, users should consult the article by Oulton and Wallis linked below:
- Capital stocks and capital services: integrated and consistent estimates for the United Kingdom, 1950–2013 by Nick Oulton and Gavin Wallis
- The Stock of Fixed Capital in the United Kingdom in 1961 by Geoffrey Dean
- Net Investment in Fixed Assets in the United Kingdom, 1938-1953 by Philip Redfern
- Capital Services Growth in the UK: 1950 to 2006 by Gavin Wallis
- Capital stocks, capital services, and depreciation: an integrated framework by Nick Oulton and Sally Srinivasn (BoE WP no. 192)
Charles Hulten's NBER chapter outlining the history of the Total Factor Productivity concept can be found at the NBER website below:
Uses of dataFor a review of UK productivity growth since 1760 based on the most recent historical data sources see the paper by Professor Nick Crafts:
- The Productivity Race: British Manufacturing in International Perspective, 1850-1990
- Market Services and the Productivity Race 1850-2000
Recent ESCoE research by Rebecca Riley, Ana Rincon Aznar and Lea Samek has provided a sectoral account of the UK productivity puzzle between 2011-2015:
- UK National Accounts (Blue Books) since 1941
Please select a publication title and year from the boxes below to narrow down the list. Alternatively type in a general search term. The available excel and pdf files are shown in the table. If the publication you are looking for is not in this section please see the complete list of downloadable publications.