Research Article
“Minus 1” and Energy Costs Constants: Sectorial Implications
Figure 2
Energy costs shares impacts on manufacturing value added shares and on value added rates of growth (1995-2011). A thick line in (b) represents aggregated relationship between averages for both Tindva-1 and ECSs across 11 countries with data clustered in four ranges by ECSs values: 1-2%, 2-3%, 3-4%, and 4-5%. Sources: authors based on data from Timmer et al., 2015 [9], and World Bank, 2017 [12].
| (a) Value added share of industrial gross output as a function of ECS |
| (b) Industrial VA growth rate with one-year lag (Tndva-1) as a function of ECS |