We present an economic approach to measuring the impact of Big Data on GDP and GDP growth. We
define data, information, ideas and knowledge. We present a conceptual framework to understand
and measure the production of “Big Data”, which we classify as transformed data and data-based
knowledge. We use this framework to understand how current official datasets and concepts used by
Statistics Offices might already measure Big Data in GDP, or might miss it. We also set out how
unofficial data sources might be used to measure the contribution of data to GDP and present
estimates on its contributions to growth. Using new estimates of employment and investment in Big
Data as set out in Chebli, Goodridge et al. (2015) and Goodridge and Haskel (2015a) and treating
transformed data and data-based knowledge as capital assets, we estimate that for the UK: (a) in 2012,
“Big Data” assets add £1.6bn to market sector GVA; (b) in 2005-2012, account for 0.02% of growth
in market sector value-added; (c) much Big Data activity is already captured in the official data on
software – 76% of investment in Big Data is already included in official software investment, and
76% of the contribution of Big Data to GDP growth is also already in the software contribution; and
(d) in the coming decade, data-based assets may contribute around 0.07% to 0.23% pa of annual
growth on average.