[Extract] In recent years, there has been significant growth in the contribution of services to the economy of developed nations. In the UK, the service sector is a major contributor to the country's economic prosperity. However, despite the importance of the service economy, there has been a delay in the collection of data. The challenges relating to the definition and classification of services alongside the measurement of their performance raise a number of important issues yet to be addressed adequately. This has partly contributed to a delay in the development of public policies aimed at sustaining the growth of services.\ud \ud In this chapter, we try to shed some light on the conceptualization of services and service performance measurement and on those issues that would benefit from further attention especially by academics and policy makers. Our aim is to present some stylized facts and to highlight limitations and advancements in our understanding of the nature of services, the associated statistics, and performance measures. We conclude by emphasizing the need to revisit the basics to ensure that the contribution of services to economic competitiveness and more in general to the UK economy is properly measured and maximized
To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.