Gross Domestic Product (GDP) is the generally accepted measure of the value of the economy. With some exceptions GDP is calculated based on the value of actual transactions of goods and services. Since the turn of the century there have been at least two high profile attempts to update its methodology.

In the aftermath of the 2008 global financial crisis and the rising importance of the socio-environment outcomes and their impact on macroeconomic activity, Nicholas Sarkozy president of France commissioned a report chaired by Joseph Stiglitz to review and recommend revisions to GDP so as to recognize the value of unpriced non marketed goods and services in the broad socio-environment economy. The full report is here: https://ec.europa.eu/eurostat/documents/8131721/8131772/Stiglitz-Sen-Fitoussi-Commission-report.pdf

Subsequent to the 2016 economic weakness in part a shadow cast by the unresolved issues of the 2008 global financial crisis, the UK Chancellor of the Exchequer commissioned an independent review of UK economic statistics. Sir Charles Bean led the review. The review included a focus on emergent digital products, often provided at no charge to consumers in exchange for their data. See https://assets.publishing.service.gov.uk/media/5a7f603440f0b62305b86c45/2904936_Bean_Review_Web_Accessible.pdf

Statistics Canada is contributing to methodology updates for improving the measurement of GDP. Over the last three decades, largely reflecting the maturation of the digital-based economy the value of transactions, if any, are not readily and directly measurable. Enhancements to GDP methodologies are needed to better capture the contributions of digital services, intangible assets, and innovation to economic growth and productivity. Contributing to the enhancement of GDP methodology, Statistics Canada has published its initial attempts to define and measure the value of the Canadian “gig economy”.

The “gig economy” commonly refers to paid activities involving short-term tasks or jobs offering no guarantee of steady work. These activities are conducted through digital platforms or apps, or offline using traditional methods that help workers connect with clients or businesses.