On 8th June 2022, City-REDI held a seminar with Dr Chen Xu from Cardiff University.
Measuring the Regional Digital economy: A pilot Information and Communication Technology (ICT) Satellite Account for Wales
The fast development of digital technologies in recent decades has affected every aspect of daily life and business operations. The impact of digital technology and capabilities on specific industries and households is testable with econometric analysis. However, the overall contribution of digital technologies in a region or nation is rarely measured. This paper proposes that the aggregate economic contribution of digital technologies could be measured by an Information and Communication Technology (ICT) Satellite Account.
The ICT satellite account developed in this paper shares similar features in terms of its framework as the well-developed and successful Tourism Satellite Account (UNWTO et. al., 2008). According to OECD (2011), there are predefined industries that mainly supply ICT products and services, and the rest of the industries that still supply ICT products and services but not as the main purpose. The contribution of the approach is the measurement of the demand and supply of ICT products, services, and ICT relevant employment across all regional/national industries, not just those identified as ICT-specific. It thus provides a direct holistic measurement of the contribution of the digital economy.