GVAC - What does GVAC stand for? The Free Dictionary
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Turning back to the causality link between the measures of construction output and those of the national aggregate, ADF tests were firstly applied to determine the integrated order of the GVAC and GDP.
It means that when countries reach a certain level of construction output (measured as a share of GVAC in GDP) and enter into a path of sustained economic growth and development, the growth of the construction industry tends to follow that of the general economy.