PRODUCTIVITY ASSESSMENT AND FACTORS INFLUENCING IT IN THE REPUBLIC OF ARMENIA

This study explores the multi-dimensional aspects of industrial productivity, focusing primarily on its estimation methods and the factors influencing it. It delves into different productivity measurement approaches such as partial, total, and total factor productivity. A significant portion of the research is dedicated to assessing the impact of various macroeconomic factors on productivity, with a special focus on the Armenian economy. The findings highlight the complex interplay between productivity and factors like GDP growth, investment growth, price competitiveness, inflow of foreign capital, external demand, and macroeconomic policy, providing insightful implications for industrial policy and strategic planning. The main results demonstrate that variables such as government investment, exchange rate, foreign demand significantly impact productivity, with noticeable variations across different industrial sectors.