Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212994 
Authors: 
Year of Publication: 
2019
Series/Report no.: 
BoF Economics Review No. 1/2019
Publisher: 
Bank of Finland, Helsinki
Abstract: 
The impact of digitalisation is not fully reflected in economic statistics. Even though commonly used economic metrics such as GDP are still relevant in assessing the state of the economy, the production of statistics should be developed to measure the digital economy better. The most significant measurement challenges caused by digitalisation relate to new goods, free services, changes in quality and the movement of intellectual capital between countries. Due to digitalisation, GDP and productivity growth may have been understated and the rate of price inflation overstated. Measurement errors alone do not explain the exceptionally weak development in recent years, nor do they eliminate the problems of the Finnish economy and the key challenges for economic policy. Digital technology has, however, improved our well-being in ways that are difficult to measure in money.
Subjects: 
GDP
digitalisation
statistics
productivity
technology
digital economy
JEL: 
E01
E31
D63
D23
O33
Persistent Identifier of the first edition: 
Document Type: 
Research Report

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