A study on relationship between cultural industry and economic growth in Vietnam

Abstract

Culture is a powerful tool to communicate values and promote objectives of public interest that are broader than wealth creation.The economy of culture entails both cultural and creative sectors.The contribution of the culture to the economy has gradually been acknowledged, with the development of the cultural industries.Using the input output table methods, this research presents one way of measuring the economy of culture focusing on the impact of final consumptions of culture industry's output on the growth of value added (GDP).Also, this study employs forward and backward linkage indicators of cultural industry that reveals the relationship between the cultural industry and other sectors in the economy.With the data from 2007, 2012 and 2016 input -output tables, the results show that although the contribution of cultural product consumption to the GDP is less than other sectors, the contribution of the cultural consumption to economic growth is quite high.The power of dispersion index of cultural industry in both 2012 and 2016 is quite high and nearly equal to 1, meaning that a unit of cultural industry change will lead to one unit of change in other industries, thus in turn leads to double the number of changes in value added of the whole economy.

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