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Table 3.

Determinants of Sectoral Shares of Valued Added, 1991–2014 (% of GDP)

	Agriculture	Manufacturing	Services
ln YPC	−41.909^***	8.828	10.126
	(−4.46)	(1.44)	(1.01)
ln YPC squared	2.014^***	−0.415	−0.485
	(3.99)	(−1.24)	(−0.84)
Agricultural endowment	2.071^*
	(1.82)
Capital endowment		−1.858	4.064
		(−1.10)	(1.64)
R-squared (adjusted)	0.39	0.14	0.33
Observations	2,504	2,409	2,500
No. of countries	117	116	117
Country fixed effects	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes

	Agriculture	Manufacturing	Services
ln YPC	−41.909^***	8.828	10.126
	(−4.46)	(1.44)	(1.01)
ln YPC squared	2.014^***	−0.415	−0.485
	(3.99)	(−1.24)	(−0.84)
Agricultural endowment	2.071^*
	(1.82)
Capital endowment		−1.858	4.064
		(−1.10)	(1.64)
R-squared (adjusted)	0.39	0.14	0.33
Observations	2,504	2,409	2,500
No. of countries	117	116	117
Country fixed effects	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes

GDP = gross domestic product, ln = natural logarithm, YPC = income per capita.

Notes: t statistics in parentheses. ^*p < 0.1, ^***p < 0.01.

Source: Authors’ computations.