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Total Factor Productivity Of The Croatian Economy

Author

Listed:
  • Tomislav Gelo

    (University of Zagreb)

  • Marko Druzic

    (University of Zagreb)

Abstract

In this paper the sector productivity of Croatian economy is analysed, measured by the labour productivity and total factor productivity (TFP). The first part of the paper elaborates on the importance of productivity onto economic development and national economy growth worldwide, as well as in Croatia. Furthermore, contribution of individual authors in development of the concept of total factor productivity is analysed and methodological approach as the basis of the empirical part of the paper is given. Empirical analysis of total factor productivity and labour productivity is shown in the second part of the paper. Results of the analysis indicate a significant growth of TFP in certain sectors (financial sector about 22 percent), but also a decrease of TFP in a very important sector for Croatian economy, the processing industry, of approximately 10 percent. Productivity was calculated for three different disaggregations in the Croatian economy. This study points out to differences in the results obtained having in mind two different methods were used to calculate the productivity (labour productivity and TFP). In conclusion limitations and disadvantages of the survey which should be eliminated in further research are emphasized.

Suggested Citation

  • Tomislav Gelo & Marko Druzic, 2015. "Total Factor Productivity Of The Croatian Economy," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 24(2), pages 327-344, december.
    • Handle: RePEc:avo:emipdu:v:24:y:2015:i:2:p:327-344
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    More about this item

    Keywords

    total factor productivity; labour productivity; sector;
    All these keywords.

    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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