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Accounting for Spanish productivity growth using sectoral data: New Evidence

  • Ángel Estrada

    (Banco de España)

  • David López-Salido

    (Banco de España)

In this paper we measure, at sectoral level, the sources of Spanish productivity growth, distinguishing among the roles played by labor productivity, the degree of factor substitution and total factor productivity (Solow residual). In terms of value added, total factor productivity growth in the manufacturing sector is higher than in services (2.4% and 1.1% respectively), although the Communication Sector constitutes an exception. In terms of gross production productivity growth in both sectors is virtually the same (0.6% and 0.7% respectively) because of the relative lower weight of intermediate inputs in producing services. During the latest cyclical expansion, 1995-1999, we have observed a marked deceleration in labor productivity, associated to an increase in employment, and to a deceleration in the capital-labor ratio, while total factor productivity has remained more stable.

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Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 0110.

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Length: 37 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:bde:wpaper:0110
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