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Capital services estimates in Portuguese industries, 1977–2003

  • Ester Gomes da Silva


This paper presents capital services estimates for 26 Portuguese industries for the 1977-2003 period. The estimation procedure follows an integrated approach under which the flows of capital services are approximated as a proportion of the capital stock converted into standard efficiency units. Our findings suggest a close proximity between the evolution of capital flows and the observed fluctuations of Portuguese macroeconomic growth. TFP growth estimates based on growth accounting reveal, furthermore, a very disappointing performance of the Portuguese economy during the period under study,with an average annual rate of TFP growth of 0.8% being observed. Performance varies across industries, but the bulk of activities show very modest rates of TFP growth.

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Article provided by Springer in its journal Portuguese Economic Journal.

Volume (Year): 9 (2010)
Issue (Month): 1 (April)
Pages: 35-74

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Handle: RePEc:spr:portec:v:9:y:2010:i:1:p:35-74
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