Seminar of the Russia KLEMS group “Does the double deflation procedure change our understanding of Russian economic growth, 2003–2016? The experience of Russia KLEMS”
On November 3, the Russia KLEMS group held a regular seminar about double deflation (DD) and its impact on ideas about Russian economic growth, 2003–2016, taking into account the experience of Russia KLEMS.
DD is used to calculate the indices of the physical volume of real value added. It is a standard instrument of the system of national accounts (SNA) and involves changes in the relative prices of gross output and components of intermediate consumption. DD is not used in Russian statistics.
The report, presented by Ilya Voskoboynikov, examined possible estimates of Russian economic growth rates after the transition to DD, based on an experimental time series of the Input-Output tables, 2003–2016. Estimates are given for the total economy and by industry. Experimental calculations of sources of economic growth based on indicators of real value added using DD were given.