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economic growth 49
(variables 6-9: investment rates, the level of human capital
development, the openness of the economy and the government share of national
income). In the next tables (6.4 and 6.5) the same variables are selected but
background and structural data derive from 1980 and 1990, and growth experience
from 1964-80 and 1981-90 respectively in the peer groups which then exclude the
divided Cyprus.
Table 6.3 shows the coefficients of variation for the three proposed peer group
économies (the Micro-Economies, the "More Developed Mediterranean" économies
and the Régional Sub-Group), for the basic background, performance and policy
indicators up to breakdown of the Cypriot constitution at the end of 1963.
Table 6.3 Group comparisons with a united Cyprus; coefficients of variation
for selected indicators up to 1964.
Micro
Economies
More
Developed
Mediterranean
Regional
Sub-Group
1/. GDP per capita in 1960 0 0 11% O 104
2/. Agriculture as a % of GDP in 1960# 0.486 0.517 0.398
3/. Industry as a % of GDP in 1960# 0.456 0.254 0.274
4L Services as a % of GDP in 1960# 0.168 0.240 0.260
5/. % growth in per capita GDP 1951-63* 0.894 0.273 0.292
61. Average investment as a % of GDP 1950-63 ** 0.516 0.363 0.313
7/. Total gross primary & secondary enrolment ratio in 1960. 0.139 0.273 0.162
8/. Openness; X & M as a % of GDP 51-60## 0.265 0.814 0.742
9/. Govt share of GDP ( %) in 1960 0.531 0.378 0.371
Micro Economies: Cyprus, Barbados, Fiji, Malta, Mauritius, Trinidad & Tobago.
More Developed Mediterranean: Cyprus, Greece, Israel, Malta, Portugal, Turkey, Yugoslavia.
Regional Sub-Group: Cyprus, Greece, Malta, Portugal, Yugoslavia.
Notes:
#Data for Fiji is for 1965 , Value added from utilities in Barbados is included with transport and communications in 1960 (UN Yearbooks
of National Income Accounts, various) so the proportion of GDP derived from the former in 1970 (first available disaggregated year -
IBRD. World Tables 1983) has been subtracted from Transport and Communications in 1960, a relatively insignificant 1.8% of GDP and
used as a rough estimate for the contribution of utilities to GDP in 1960.
*lsraeli and Maltese average growth rate derived from 1954-63 and 1955-63 average respectively, and the Barbadian & Fijian figures from
market exchange rate data 1950-60 & PPP data 1961-63.
**data before 1960 for Barbados, Fiji & Yugoslavia had to be reconstructed using the trend of the différence between PWT & IBRD data,
where both data sets were available, and discounting earlier World Bank estimâtes by the value ofthat trend. Israeli data is from 1953-63
and Maltese data from 1954-63.
##Data for Fiji is from 1951-53, though 1963-67 (the next available data-set) is not very différent.
Sources:
Variables 1,5,6 & 9, Summers & Heston, "Penn World Tables (PWT) version 5.6"; Variables 2-4, UN, 1980 Yearbook of National
Income Accounts. NY; Variables 7, 8, the value of utilities in Barbados (& other market x rate data), IBRD, World Tables (various).
The Micro Economies were expected to have the most similar production structures,
and by some définitions they do (more on that later). In 1960 however, they have
49 IBRD. 1991. World Development-Report 1991. NY: OUP, pp. 1-164; IBRD. 1993. The East
Asian Miracle: .... op. cit., pp. 48-54.
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