Growth Accounting in the Dominican Republic 1990-2018: New Evidence
Keywords:Economic Growth, Dominican Republic, Growth Accounting, ICT Capital, Total Factor Productivity.
This paper uses fresh data from the Conference Board Total Economy databases to account for the Dominican Republic´s sources of long-run growth in 1990-2018. We adjust for the effects of real business cycles by calculating GDP growth between cyclical maximums and for the quality of production factors and the distinction between ICT capital and NON-ICT capital investment. We find the main factors that explain the GDP rate of growth are, in the order: 1) The Non-ICT Capital, 2) The Labor Quantity, 3) The Total Factor Productivity, followed to a less extent by, the ICT Capital and Labor quality contributions. Indeed, the Total Factor Productivity explains about 10% or less of the total growth on average. This is consistent with the timing and sequencing of structural reforms implemented in Dominican Republic and the recent investments in the most productive sectors.
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