The Impact of Creative Industries on Gross Domestic Product Using Generalized Method of Moments (GMM)

Creative industries are growing rapidly and have a high potential for employment and income creation. The growing importance of creative industries in increasing the prosperity and development of countries has been confirmed by many empirical studies. These industries offer a new experience of economic value in a variety of products, both tangible and intangible, through the integration and transfer of extensive knowledge, skills, and innovations into all sectors of today's economy. According to UNCTAD, creative industries include traditional cultural industries such as publishing, media, television, film, performing arts and crafts, as well as modern and creative cultural industries and services such as advertising, architecture, design, and photography. The present study examines the effect of creative industries on the GDP of 98 developed and developing countries from 2011 to 2019. The generalized Method of Moments (GMM) has been used to examine and evaluate the research model. The results of this study demonstrate the positive and significant effect of "creative industries" including production and services in creative, cultural, and artistic fields on the GDP of the studied countries.