Abstract: This paper measures and compares the output effects of the core industry of digital economy from both of the two perspectives of supply side and demand side.By sorting out the data in the input-output tables from the relevant departments in the years of 2012, 2017 and 2020, it establishes a comparable non-competitive input-output table of digital economy, including the four subcategories of the core industries of digital economy. Then by introducing the hypothesis extraction idea and the partial closure model methods, it constructs a supply-driven model and a demand-pulled model to measure the supply-driven effect and demand-pulled effect of the core industries of digital economy. The findings show that the demand-side output effect of the core industries of digital economy is dominant at present, but the growth momentum of the supply-side output effect is strong according to the trend. Whether on the demand side or on the supply side, the digital product manufacturing industry and the digital technology application industry play a decisive role in the formation of output effect of the core industries of digital economy, while the output effect of the digital factor driving industry and the digital product service industry is relatively weaker. Therefore, it is suggested to promote the development of various subdivisions of the core industries of the digital economy in an orderly manner, to stimulate the demand potential of various digital products and services, and to strengthen the long-term impact of the core industries of the digital economy on economic activities from the supply side.

Key words: core industry of digital economy, the supply side, the demand side, output effect