Analytical Approach to Economic Growth of the Republic of Srpska with Special Emphasis on the Development of the Agriculture

摘要

In the economic literature, often used terms are economic growth and economic development, in the sense that these two terms are often identified with each other, or in terms of their significant categorical distinction. Economic development is complicated and contains complex categories of economic growth because it includes not only qualitative targets, but also qualitative changes. Natural resources (agricultural and forest land, mineral wealth, water potential) combined with two other production factors, can contribute to economic growth, but are necessary conditions of the growth. A key determinant of the economic growth is technology or technological changes that allow the production of the higher output with the existing investment of the productive factors. The research presented in this paper is economic growth of the Republic of Srpska in the last four years. Especially the attention was paid to agricultural production and identified relevant macroeconomic indicators have a significant impact on the inequality of the development of the agricultural production in some regions of the Republic of Srpska. Therefore, in the final part of this paper made a comparative analysis is made an emphasis on regional differences in agricultural production, and the proposed concrete measures in order to achieve greater results and more balanced regional development of the Republic of Srpska.