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James Carrick, Economist at Legal & General Investment Management, comments on the independent review of UK economic statistics report published today by Professor Sir Charles Bean, which investigated whether statisticians are adequately measuring the modern digital economy. |
“We agree with the review that statisticians are failing to capture the revolution in the digital and knowledge economy. Our own research shows that real GDP growth could be around ½% higher than statistics imply, because statisticians are mis-measuring key areas including IT hardware, software prices, cheap digital services and the sharing economy. “If, as we believe, growth is higher than assumed, this can explain the productivity conundrum that has puzzled economists since the recession – why is it that employment growth has been so rapid despite weak GDP growth?
“This is not simply a matter of statistics; it means living standards are higher than commonly assumed. Moreover, it suggests employment growth should remain strong, which is a great backdrop for UK households”. |
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