SECTORAL STRUCTURE CHANGE MODELING OF EUROPEAN OIL AND GAS PRODUCING COUNTRY’S ECONOMY

Abstract

In this paper, we consider identifying features
of sectoral structuring within the national economy
that has definite foreign trade product specialization.
Examination of the sector-specific
division methodology enabled identification of
its strong association with certain sector dominance
in the economy. It is against this background
that we offer an explanation for the delay
in transferring from the post-Soviet to the applicable
international classification of economic
structure elements in Russia and Belarus. We
perform analysis of the three-component P-S-T
model (primary, secondary, tertiary sector) using
statistical and econometric methods and define
properties of the sectoral shares dynamics
in national economies of oil and gas producing
countries. Analysis of the Russian and Norwegian
economies’ intersectoral changes suggests
that it is necessary for the government to develop
and implement selective structural policy to
overcome the existing structural disproportions.