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Technology and Sector Clustering in the Greek Economy

Belegri-Roboli, Athena and Michaelides, Panayotis G. (2007): Technology and Sector Clustering in the Greek Economy.

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Abstract

The aim of this paper is to identify the economic sectors in the Greek economy which are dynamic in terms of their technological characteristics expressing its economic perspectives. To do this, the paper uses the Clustering Analysis methodology for grouping the various sectors of economic activity in Greece. The twenty-one sectors of economic activity are thus assembled into clusters presenting similar technology characteristics and the empirical results are discussed. The technical analysis is based on Growth Accounting methodology to estimate technological change, as well as labor and capital productivity in the various sectors of the Greek economy over the period 1988-1998. The results show that the various sectors of economic activity tend to form three (3) distinct clusters experiencing similar technological and growth characteristics. Meanwhile, the technological level, as measured through annual growth in Total Factor Productivity, has remained practically unchanged. Finally, technological change accounts for about 40% of economic growth, which is slightly lower compared with the relative performance of other O.E.C.D. countries.

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