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Volume of capital services: new annual and quarterly estimates for 1950 to 2009

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  • John Appleton

    (Office for National Statistics)

  • Gavin Wallis

    (HM Treasury)

Abstract

SummaryCapital services are the measure of capital input preferred for analysing and modelling productivity. Along with quality adjusted labour input, the volume index of capital services is a key input to multi‐factor productivity and growth accounting analyses. This article presents new estimates of capital services for 2009 along with revised estimates for 1950 to 2008. The annual series has been extended by an additional year since the previous release (Wallis, Long and Turvey, 2010) with earlier years updated to incorporate revisions throughout the time series. The experimental quarterly series of whole economy capital services has been extended and revised, while this article presents for the first time an experimental quarterly series of capital services growth for the market sector. During 2009 the growth of whole economy capital services fell to its lowest rate since the series began in 1950. Capital services for the market sector experienced negative annual growth for the first time.

Suggested Citation

  • John Appleton & Gavin Wallis, 2011. "Volume of capital services: new annual and quarterly estimates for 1950 to 2009," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 5(5), pages 46-66, May.
  • Handle: RePEc:pal:ecolmr:v:5:y:2011:i:5:p:46-66
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    Cited by:

    1. Oulton, Nicholas & Wallis, Gavin, 2016. "Capital stocks and capital services: Integrated and consistent estimates for the United Kingdom, 1950–2013," Economic Modelling, Elsevier, vol. 54(C), pages 117-125.
    2. Nicholas Oulton & Gavin Wallis, 2015. "Integrated Estimates of Capital Stocks and Services for the United Kingdom: 1950-2013," CEP Discussion Papers dp1342, Centre for Economic Performance, LSE.

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