Growth and Productivity in Singapore Manufacturing Industries: 1975–1998
Consistently deﬁned price and volume relatives are constructed for 18 manufacturing industries under the two-digit industry classiﬁcations ofﬁcially adopted in 1996. Industry-speciﬁc output and materials price deﬂators for the period 1974–1998 are also constructed. Where the comparison is possible, we arrive at a markedly different conclusion from those in Tsao (1982, 1985) and Young (1994), and narrow the cause to a difference in the choice of output measure. The updated accounts show that the conventional index number measure of total factor productivity growth (TFPG) for Singapore manufacturing is 2.7% per annum for the period 1975–1998, and exhibits a cyclical pattern over time.
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