Assessment of the Size and Impact of the Data Economy in Finland

Heli Koski, Johannes Anttila, Anna Björk, Vera Djakonoff, Otto Kässi, Hanna Niemi-Hugaerts, Mika Pajarinen and Jussi-Pekka Parkkari

No 150, ETLA Brief from The Research Institute of the Finnish Economy

Abstract: Abstract Within the scope of the available register data, the role of data in the economy is best estimated using cost-based methods. Our experimental calculations indicate that, in 2021, data-driven work contributed approximately 10 percent of value added, while data investments represented slightly under two percent of Finland’s GDP. The majority of the value in the data economy is generated within the information and communication sector. To better assess the size and impact of the data economy and the effectiveness of public policies aimed at fostering its growth, investments in data collection and statistical methodologies are essential. • Changes in accounting practices and investments in new data collection (such as measuring employees’ time spent on data-driven work) are essential for a more accurate assessment of the size and impact of the data economy. • International collaboration in developing consistent measurement practices and data collection is important to obtain comparable information on the development of Finland’s data economy in an international context • To evaluate public policy initiatives—such as data economy procurement and R&D funding—the identification of data economy-related activities within collected data must be improved. • Additionally, sharing knowledge and best practices across the EU could further stimulate the growth of the data economy.

Keywords: Data; Data economy; Economic impacts (search for similar items in EconPapers)
JEL-codes: D24 O3 O5 (search for similar items in EconPapers)
Pages: 8 pages
Date: 2024-12-18
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