Value of standards measured

2nd July 2015


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  • Management

Author

Galina Fedotovskaya

A study for BSI has found that standards contributed 28.4% towards the UK's annual growth in gross domestic product (GDP) in 2013.

The UK standards body commissioned the Centre for Economics and Business Research (Cebr) to update the 2005 report from the government on the impact of standards on the economy.

The Cebr research incorporated an econometric analysis measuring the contribution of standards to UK labour productivity between 1921 and 2013 and a survey of 527 companies in seven key sectors as well as interviews and case studies with businesses.

The findings show that standards contribute 37.4% of annual UK labour productivity growth, which translates into 28.4% of annual GDP growth or £8.2 billion. BSI says this amount is consistent with similar studies for France and Germany.


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