The Impact of Key Sectors on Economic Growth: A Cross-Country Analysis

Farawi Ghannili; Miftahul Choiri

doi:10.29259/jep.v22i2.23133

Vol. 22 No. 2 (2024): Jurnal Ekonomi Pembangunan

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May 27, 2024

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December 11, 2024

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December 31, 2024

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Abstract

Economic growth is a multifaceted phenomenon driven by various sectoral contributions. This study investigates the impact of exports, imports, including key economic sectors, such as manufacturing, agriculture, services, and construction, on economic growth in developing and developed countries. It uses time series data from Q2-2011 to Q2-2023 and seven countries, i.e. Indonesia, China, India, France, Germany, the United Kingdom, and the United States. It applies panel data regression with the fixed effect-least square dummy variable method. The findings reveal that exports, manufacturing, agriculture, and services have positive and statistically significant effects on economic growth. In contrast, imports and construction show negative impacts. These findings underscore the importance of fostering export-oriented industries, promoting technological innovation in manufacturing, supporting sustainable agricultural practices, and developing a vibrant service sector. In turn, policymakers should address the potential negative consequences of excessive import dependence and strive to improve the efficiency and productivity of the construction sector. These findings provide implications for policymakers to formulate and implement effective economic growth strategies that prioritize sustainable development and inclusive growth.

Keywords

Economic growth Export Import Key sectors Panel data

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Ghannili, F., & Choiri, M. (2024). The Impact of Key Sectors on Economic Growth: A Cross-Country Analysis. Jurnal Ekonomi Pembangunan, 22(2), 263–278. https://doi.org/10.29259/jep.v22i2.23133

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References

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Ahmad, M., Jiang, P., Majeed, A., Umar, M., Khan, Z., & Muhammad, S. (2020). The dynamic impact of natural resources, technological innovations and economic growth on ecological footprint: An advanced panel data estimation. Resources Policy, 69, 101817. https://doi.org/10.1016/ j.resourpol.2020.101817

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Anwer, M., Farooqi, S., & Qureshi, Y. (2015). Agriculture sector performance: An analysis through the role of agriculture sector share in GDP. Journal of Agricultural Economics, Extension and Rural Development, 3(3), 270-275.

Athukorala, P. chandra, & Patunru, A. A. (2023). Domestic Value Added, Exports and Employment: An Input–Output Analysis of Indonesian Manufacturing. Bulletin of Indonesian Economic Studies, 59(3), 365–390. https://doi.org/10.1080/00074918.2022.2134554

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Awan, A. G., & Yaqoob, R. (2023). Economic value of introducing technology to improve productivity: An ARDL approach. Innovation and Green Development, 2(3), 100069. https://doi.org/10.1016/ j.igd.2023.100069

Awunyo-Vitor, D., & Sackey, R. A. (2018). Agricultural sector foreign direct investment and economic growth in Ghana. Journal of Innovation and Entrepreneurship, 7(1), 15. https://doi.org/10. 1186/s13731-018-0094-3

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Bashir, A., Susetyo, D., Suhel, S., Azwardi, A. (2018). The relationship between economic growth, human capital, and agriculture sector: Empirical evidence from Indonesia. International Journal of Food and Agricultural Economics, 6(4), 35-52. https://doi.org/10.22004/ag.econ.283873

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Breitung, J., & Salish, N. (2021). Estimation of heterogeneous panels with systematic slope variations. Journal of Econometrics, 220(2), 399–415. https://doi.org/10.1016/j.jeconom. 2020.04.007

Bruner, R. F., & Miller, S. C. (2020). The First Modern Financial Crises: The South Sea and Mississippi Bubbles in Historical Perspective. Journal of Applied Corporate Finance, 32(4), 17–33. https:// doi.org/10.1111/jacf.12429

Bryniuk, K. (2023). Is the Gross Domestic Product (GDP) a Reliable Indicator of the Economic Growth and Future Economy of the United States of America?. Open Access Library Journal, 10(4), 1-10. https://doi.org/10.4236/oalib.1110100

Cantore, N., Clara, M., Lavopa, A., & Soare, C. (2017). Manufacturing as an engine of growth: Which is the best fuel?. Structural Change and Economic Dynamics, 42, 56-66. https://doi.org/ 10.1016/j.strueco.2017.04.004

Chandru, K., & Suresh, A. S. (2024). Analysing the Relationship between Nifty Sectoral Indices Returns and India Volatility Index (IVIX). International Journal of Enhanced Research in Management & Computer Applications, 13(5), 1-7.

Chia, F. C. (2012). Construction and economic development: the case of Malaysia. International Journal of Construction Management, 12(1), 23-35. https://doi.org/10.1080/15623599.2012. 10773182

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Dao, M. Q. (2014). Exports, imports, government consumption and economic growth in upper-middle income countries. Progress in Development Studies, 14(2), 197-204. https://doi.org/ 10.1177/1464993413517791

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The Impact of Key Sectors on Economic Growth: A Cross-Country Analysis

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