BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 19/2013:
Is mining fuelling long-run growth in Russia? Industry productivity growth trends since 1995
Marcel P. Timmer ()
and Ilya B. Voskoboynikov ()
Abstract: GDP per capita growth rates in Russia have been among the
highest in the world since the mid-1990s. Previous growth accounting
research suggests that this was mainly driven by multi-factor productivity
(MFP) growth. In this paper we analyse for the first time the drivers of
Russian growth for thirty-four industries over the period 1995 to 2008. We
pay in particular attention to the construction of a proper measure of
capital services, to use in place of the stock measures employed in
previous research. Based on these new measures, we find that aggregate GDP
growth is driven as much by capital input as by MFP growth. Mining and
Retailing account for an increasing share of the inputs, but are weak in
terms of MFP performance. In contrast, MFP growth was rapid in
goods-producing industries, but the sector’s GDP share declined. The major
drivers of MFP growth were in the high-skilled services industries that
were particularly underdeveloped in the Russian economy in the 1990s.
Keywords: industrial growth accounting; structural change; Russia; (follow links to similar papers)
JEL-Codes: L16; O47; P28; (follow links to similar papers)
37 pages, August 12, 2013
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