Dependencies between Labour Productivity, Export and FDI in the New EU Member Countries (cointegration analysis at sector and macroeconomic level)

The article studies the long-term and short-term relationships between the labour productivity dynamics, on the one hand, and the inflow of foreign direct investment and export trends, on the other, at the sectoral and macroeconomic level for the new EU Member States. The empirical analysis conducted overall confirms the hypotheses for positive effects from exports and inward foreign direct investment for economic growth. The results underline the importance of implementing targeted policies for promoting the competitiveness and export orientation of domestic companies, as well as for improving the business environment and maintaining the attractiveness of the local business climate for foreign direct investors.