Investment in Artistic Original Assets QMI

Overview:

• estimates for the contribution to gross fixed capital formation (GFCF) from artistic originals
• approach is based on estimating the costs of production in line with the sum of costs approach
• data is sourced from a variety of external organisations, as well as internally

The estimation of investment in the creation of entertainment, literary and artistic original assets is classified in the National Accounts as gross fixed capital formation (GFCF), a component of the expenditure measure of gross domestic product (GDP).

We have improved how we measure investment in artistic original assets. We replaced the 3 components based on industry sector with 5 new components, based on asset classification. These include film, TV and radio, books, music and miscellaneous artwork.

This improved approach estimates the costs of production in line with the sum of costs approach as recommended by Eurostat and the Organisation for Economic Co-operation and Development (OECD).

These improvements were first published in the Quarterly National Accounts Quarter 1 (Jan to Mar) 2013 and the Business Investment Quarter 1 (Jan to Mar) 2013, on 27 June 2013. Data have been revised back to 1997. In 2012, the impact of the improved estimation added around £2 billion to total GFCF.