Abstract
Because standard measures of aggregate income such as gross domestic product (GDP) do not account for natural resource depletion, their use as gauges of economic performance tends to exaggerate the benefits of resource extraction. Accounting for natural resource depletion in 18 African countries indicates different patterns of growth than those suggested by GDP figures. Use of the revised measures in analyses of the link between exports and growth suggests that export expansion may generate increases in measured GDP without stimulating increased production. In contrast, real exchange rate alignment is correlated with growth in both conventional GDP and the revised accounts.
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