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Oxford Review of Economic Policy 2006 22(4):560-572; doi:10.1093/oxrep/grj033
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Oxford Review of Economic Policy vol. 22 no. 4 2006 © The Authors (2006). Published by Oxford University Press. All rights reserved.

Measuring and Understanding Productivity in UK Market Services

Gustavo Crespi
Sussex University, AIM, and CeRiBA

Chiara Criscuolo
LSE, AIM, and CeRiBA

Jonathan Haskel
Queen Mary, University of London, AIM, CeRiBA, CEPR, and IZA

Denise Hawkes
Centre for Longitudinal Studies, Institute of Education, University of London1

Abstract

Many productivity studies, if they cover the service sector, commonly enter a caveat that the data are uncertain or just look at manufacturing. This paper attempts to clarify what UK market-service-sector data are available, whether they should be treated as inaccurate, and what conceptual problems might make measuring service-sector output so hard. Our overall conclusion is that most problems surround financial intermediation and business services. In financial intermediation, national accounts conventions and adjustments make the output data very hard to interpret. In business services many of the output measures are employment based. Elsewhere, for example, retail and wholesale trade, transport, and hotels and restaurants, the main problem is, in practice, lack of collected deflators.

Footnotes

1 E-mail addresses: g.a.crespi{at}sussex.ac.uk; chiara.criscuolo{at}ons.gsi.gov.uk; j.e.haskel{at}qmul.ac.uk; d.hawkes{at}ioe.ac.uk


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