Financial Intermediation Services Indirectly Measured: Estimates for France and the UK based on the

The 1994 SNA proposes a revised treatment of the output of financial intermediaries which treats intermediation services in part as a component of final demand, so that GDP is higher than the 1968 SNA suggests. We present here the results of attempts to estimate FISIM (Financial Intermediation Services Indirectly Measured) for France and the United Kingdom. The French study uses a reference rate calculated so as to ensure that no imputation is made with respect to own funds, while the UK study relies on a market interest rate. Both studies present an allocation of intermediation services by industry as well as by category of demand. The adjustments to GDP are of similar magnitudes in both countries.

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