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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The structure of growth in the South African economy: factor accumulation and total factor productivity growth 1970-97
Author:Fedderke, J.W.ISNI
Periodical:South African Journal of Economics
Geographic term:South Africa
economic development
External link:https://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.2002.tb01184.x/pdf
Abstract:There has been a steady downward trend in the South African economy since the early 1970s. It is present in both Gross Domestic Product (GDP) and real per capita GDP. By the 1990s, the growth rates were frequently negative rather than positive. Therefore, there is evidence of long-term structural decline. The purpose of the present paper is to provide a building-block towards a better understanding of South African growth performance. The goal is to undertake a decomposition of output growth into the contribution to growth provided by factor (capital and labour) inputs, thereby isolating the contribution of growth in total factor productivity. The decompositions cover a period from 1970-1997, decade by decade. It is undertaken not only on an aggregate level but also on a sector-by-sector basis, particularly for the manufacturing sectors. Finally, the contribution of total factor productivity is weighted by the real output contribution of sectors, in order to arrive at an intimation of the real cost reduction implied for the economy. This gives an improved understanding of the underlying pattern of the output growth in the South African economy. In the calculations the computation of total factor productivity (TFP), intially proposed by Solow in 1957, is the main tool. Bibliogr. notes, ref. [ASC Leiden abstract]