This is a transcript of the video podcast which can be viewed at:
This podcast will compare the productivity of G7 members.
A number of figures will be used to compare the productivity across countries and across time.
GDP Per Hour Worked
This figure uses current prices so it should be compared across countries.
UK GDP per hour worked was lower than the G7 average excluding the UK.
While UK workers produced 16 percent more GDP per hour than those from Japan, they were slightly less productive that those from Canada and Italy. Also, they were between 24 and 29 percent less productive than the other G7 average.
GDP Per Worker
GDP per worker was 11 percent higher for workers in the UK than those in Japan, and 5 percent less than those in Germany and Canada.
GDP per worker was also below that of Italy and France by 10 percent and 11 percent respectively, and a larger 40 percent lower than that of the US.
Average Annual Hours Per Worker
There is a large degree of variance among the number of hours worked among the G7 members.
Despite this variance, there is a general trend towards working fewer hours.
UK working hours are around the G7 Average, and have fallen considerably less than those of Japan, Germany and France.
GDP Per Hour Worked, UK v G7
Until 2007, GDP per hour worked for the UK was strong, but it has weakened considerably, and is still lower than the Pre-recession UK projections.
UK productivity fell considerably by 2012. Productivity of the Remaining G7 continued to increase until 2012 but was 5% lower than its projection.
GDP Per Hour Worked, remaining G7
Over the 2008 to 2009 recession, GDP per hour worked over the G7 members other than the UK fell for all countries other than Canada and the US.
From 2008, US output per hour has seen continual growth. The recovery for the European members of the G7 was much weaker over this period.