Hosein, R and Lewis, T M (2005) Quantifying the relationship between aggregate GDP and construction value added in a small petroleum rich economy: a case study of Trinidad and Tobago. Construction Management and Economics, 23(2), pp. 185-197. ISSN 01446193
Abstract
The relationship between gross domestic product and the output of the construction industry is quantified, using as a case study the economy of Trinidad and Tobago (T&T). A historical perspective is used in order that anomalies can be set within the context of the relevant time and circumstances. Because the economy of Trinidad and Tobago is highly dependent on oil and gas revenues, the relationships between construction value added, GDP and oil and gas industry parameters are also included. In nearly all instances there are positive relationships between the parameters examined, and values for the various correlation coefficients have been obtained. An examination of causal factors obtained from a cumulative experience analysis also establishes that the direction of causality runs from the changes in GDP to the increase in construction value added, both at the aggregate level and at the per capita level. A similar positive relationship and direction of temporal causality is apparent between oil and gas revenues (and prices) and construction value added. These relationships are untypical, as smaller developing economies that do not have oil resources would be expected to show negative correlations for these relationships.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | construction; correlation analysis; cumulative experience; energy industries; gross domestic product |
| Index terms: | developing economy, revenue, gross domestic product, energy industry, case study, aggregate, correlation analysis, Trinidad and Tobago, oil and gas, construction industry |
| Subjects: | industry analysis, statistical analysis, Geography, economic development, economic analysis, materials science, data collection methods |
| Topics: | International Construction, Business Strategy, Engineering Principles, Research Practice, Geographical Context |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here