K_t

L_t

π_t

E_t

AVA_t

IND_t

SERV_t

K_t

1

L_t

−0.772^***

1

π_t

−0.609^***

0.349^*

1

E_t

0.849^***

−0.758^***

−0.384^*

1

AVA_t

−0.971^***

0.767^***

0.608^***

−0.811^***

1

IND_t

0.846^***

−0.731^***

−0.555^***

0.675^***

−0.860^***

1

SERV_t

0.544^***

−0.311

−0.308

0.545^***

−0.517^***

0.0668

1