Categories: Economy, Prices, Output and Productivity, Productivity Measures, Multi-factor Productivity
Frequency of release: Annually
Geographical coverage: UK
Geographical breakdown: UK and GB
ONS has suspended Multi-Factor Productivity (experimental) - Estimates to 2010, due for publication on 26 April 2012. Further details are on our statements page at http://www.ons.gov.uk/ons/media-centre/statements/vics-apr-2012/index.html
ONS apologises for any inconvenience.
Volume index of capital services (VICS) is a measure of capital input to economic production which takes account of the quality and use of the capital stock across time and different types of assets. VICS weights together the growth of the net stock of assets using a user cost of capital, rather than prices like in the National Accounts. The results are used in multi-factor productivity analysis.
Using a growth accounting framework, growth in output can be decomposed into the relative contributions of capital and labour inputs (in terms of both quantity and composition) as well as a residual component known as multi-factor productivity (MFP) or disembodied technical change.