Abstract
This article seeks to test whether there is evidence that investment affects economic performance as measured by changes in GDP during transition: we find that differences in performance are associated mostly not with investment patterns but with varying marginal capital productivity. There is some evidence that higher investment generally contributes to greater restructuring. However, the link between industrial restructuring at the macro level and economic performance (GDP change) is not straightforward: shifts in industrial structure (industry/agriculture/services) and changes in the share of defence expenditure in GDP do not appear to affect performance, but there is a strong link between increases in export/GDP ratios and better capital productivity and performance.
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