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Financial Analytics: Science and Experience

Technological transformation of industry as an economic growth driver: A 2010–2022 period statistical analysis

Vol. 17, Iss. 1, MARCH 2024

Received: 24 August 2023

Received in revised form: 7 October 2023

Accepted: 22 October 2023

Available online: 29 February 2024


JEL Classification: E24, J24

Pages: 56–73


Ol'ga P. SMIRNOVA Institute of Economics, Ural Branch of RAS, Yekaterinburg, Russian Federation


Lyudmila K. CHESNYUKOVA Ural State University of Economics (USUE), Yekaterinburg, Russian Federation


Subject. This article discusses the impact of technological changes in the industrial complex on economic growth.
Objectives. The article aims to explore the main trends and challenges associated with the technological transformation of the industrial complex.
Methods. For the study, we used the methods of econometric, statistical, and logical analyses.
Results. The article shows that the introduction of new technologies in industry leads to an increase in labor productivity and a decrease in production costs, which contributes to an increase in economic growth. The article identifies some factors that can limit the technological transformation of industry, assesses the potential challenges associated with the technological transformation of industry to determine strategic priorities, and identifies areas for creating a favorable environment that contributes to the innovative development of industry.
Conclusions. The results of the study emphasize the importance of innovation activity and investment attractiveness for achieving sustainable economic growth of industrial production. Technological transformation of industry is a significant factor in economic growth.

Keywords: industrial digitalization, economic advance, statistical analysis


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