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Factor Productivity and Economic Growth in Bulgaria

Author

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  • Stela Raleva

    (University of National and World Economy)

Abstract

The paper studies empirically the impact of factor productivity on the economic growth in Bulgaria. It examines the relationship between growth of the average labor productivity and real GDP growth measured through their rates on a chain basis. By applying the growth accounting approach, the range of impact of total factor productivity on the realized rates of economic growth is calculated. On the basis of the empirical investigation a conclusion is reached that real GDP growth for a period as a whole was under the positive and changeable over time impact of total factor productivity, which, except for 2006 - 2007 and 2014, was stronger than the total impact from developments in capital and labor. A negative effect is observed in 2009, and it was higher compared to the consequences from the dynamics in the rest of supply-driven factors. The effects from developments of the factor productivity are most pronounced in the beginning, in the middle and in the end of the period, when they exceed the two effects of capital and labor.

Suggested Citation

  • Stela Raleva, 2017. "Factor Productivity and Economic Growth in Bulgaria," Economy and Economic Theory: Problems and Interactions, Conference Proceedings 2017, Department of Economics, University of Economics - Varna, issue 1, pages 118-129, December.
    • Handle: RePEc:vra:pr1712:y:2017:i:1:p:118-129
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    File URL: http://conference.ue-varna.bg/oit/files/sbornik/10-Stela%20Raleva.pdf
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    More about this item

    Keywords

    production function; average labor productivity; total factor productivity; economic growth;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General

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