Progress on Australia and Russia KLEMS

Abstract

Abstract In recent years, key users of macroeconomic performance indicators have advocated increasing the availability of more detailed productivity statistics. In particular, expanding growth accounts to the industry level to meet the need for more granular measures of economic performance. In response to this, Australia and Russia have developed estimates of industry-level KLEMS (Capital [K], Labor [L], Energy [E], Materials [M], and Services [S]) productivity growth. The chapter considers the progress of Australia and Russia KLEMS projects in terms of data construction and the usage of KLEMS for better understanding of industry sources of growth. For both countries, at least two decades of KLEMS data are now available, supporting more in-depth analysis of the determinants of growth at the industry level.