I was curious, and the American Clearing House has a TPV of $93 trillion, which means ACH is 78%?? That seems too high.
Oh - not all bank transfers count in GDP. I often move money from one account to another.
Note that Visa has the same issue: withdrawing money from an ATM shouldn’t count towards GDP! Neither does Vemo-ing a friend to settle up a split restaurant bill (my Venmo is attached to my debit card).
Not all VISA or Mastercard transactions are credit backed, I'd argue that the large majority aren't anymore they're more commonly debit VISA/Mastercard
rough math, but:
$14.2T / $1.9T * 1.6% = 12% global GDP