Real Wage | RWG | Note that capital stock and labour are the major inputs in the production process. To derive wages, the following identity is used:
Thus,
GFCF × LER represents the total value of capital in the economy and EMP × RWG represents the total wage bill in the economy. This implies that:
This calculation was used by Akanabi and Du Toit (2011) as well as Sunde and Akanbi, (2016). | Calculated using, GFCF, GDP, EMP and LER using indicated formula |
Productivity | PRD | This is calculated as the ratio of real GDP over total employment (GDP/EMP) | Calculated using GDP and EMP |
Consumer Price Index | INF | Consumer price index reflects changes in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used. Data are period averages. | World Bank-World Development Indicators |