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National accounting from the bottom up using large-scale financial transactions data: An application to input-output tables

Author

Listed:
  • Hötte, Kerstin
  • Naddeo, Andreina

    (Office for National Statistics)

Abstract

Technical advances enabled real-time data collection at a large scale, but lacking standards hamper their economic interpretation. Here, we benchmark a new monthly time series of inter-industrial flows of funds, constructed from aggregated and anonymised real-time payments between UK businesses, covering 5-digit SIC codes industries for the period 08/2015 to 12/2023, against established economic indicators, including GDP, input-output tables (IOTs), and stylised facts of granular firm- and industry-level production networks. We supplement the quantitative analyses with conceptual discussions, explaining the caveats of bottom-up collected payment data and their differences to national account tables. The results reveal strong GDP correlations, some qualitative consistency with official IOTs and stylised facts. We guide on the interpretation of the data and areas that require special attention for reliable quantitative research.

Suggested Citation

  • Hötte, Kerstin & Naddeo, Andreina, 2024. "National accounting from the bottom up using large-scale financial transactions data: An application to input-output tables," INET Oxford Working Papers 2024-04, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    • Handle: RePEc:amz:wpaper:2024-04
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    More about this item

    Keywords

    National accounts; real-time data; payment data; economic networks; input-output table;
    All these keywords.

    JEL classification:

    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts

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