Measuring financial sector output and its contribution to UK GDP
AbstractIn the decade before the financial crisis, the UK financial services sector grew more than twice as fast as the UK economy as a whole. But there are many conceptual difficulties associated with measuring output in finance. This article describes the contribution of the financial sector to GDP and assesses the uncertainty around recent estimates. There is some evidence that financial services output grew less quickly over the recent past than the official data suggest, although this probably had only a small impact on the rate of growth of overall GDP.
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Bibliographic InfoArticle provided by Bank of England in its journal Bank of England Quarterly Bulletin.
Volume (Year): 51 (2011)
Issue (Month): 3 ()
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert Inklaar & J. Christina Wang, 2011.
"Real output of bank services: what counts is what banks do, not what they own,"
11-1, Federal Reserve Bank of Boston.
- Robert Inklaar & J. Christina Wang, 2013. "Real Output of Bank Services: What Counts is What Banks Do, Not What They Own," Economica, London School of Economics and Political Science, vol. 80(317), pages 96-117, 01.
- Wang, J. Christina & Inklaar, Robert Christiaan, 2011. "Real Output of Bank Services: What Counts Is What Banks Do, Not What They Own," GGDC Research Memorandum GD-119, Groningen Growth and Development Centre, University of Groningen.
- Benito, Andrew & Neiss, Katharine & Price, Simon & Rachel, Lukasz, 2010. "The impact of the financial crisis on supply," Bank of England Quarterly Bulletin, Bank of England, vol. 50(2), pages 104-114.
- Inklaar, R. & Colangelo, A., 2010. "Banking sector output measurement in the euro area â€“ a modified approach," GGDC Research Memorandum GD-117, Groningen Growth and Development Centre, University of Groningen.
- Charles Steindel, 2009. "Implications of the financial crisis for potential growth: past, present, and future," Staff Reports 408, Federal Reserve Bank of New York.
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