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Labour productivity across the G7 nations in terms of GDP per hour worked and per worker, and growth in GDP per hour worked.
We look at growth in GDP, employment and total hours worked in Q3 2015 compared with the previous quarter and a year ago, and the trends since 2008. While GDP and employment both grew, hours worked fell by 0.1% compared with Q2 but is higher than it was a year ago. Over the period since 2008, GDP has grown by a similar amount to both employment and total hours worked.
An international comparison of labour productivity across the G7 nations, in terms of levels of and growth in GDP per hour and GDP per worker.
We look at the developments in GDP and the labour market since the economic downturn in Quarter 1 (Jan to Mar) 2008. During this period, GDP has grown by a similar amount to both employment and total hours worked. This implies a relatively flat productivity growth.
Quality Adjusted Labour Input (QALI) is a method of measuring changes in the volume of labour input into production which accounts for changes in the composition (or ‘quality’) of the workforce as well as changes in hours worked. This article presents new estimates for 2014 for the whole economy, the market sector and a range of sub-aggregates by industry, educational qualifications, age and gender, as well as revisions to the back series. QALI provides a more comprehensive description of labour input to the production process than pure volume metrics such as hours worked, jobs or workers employed. The strength of these metrics relative to output growth since the economic downturn has come to be referred to as the "productivity puzzle". If labour quality had fallen over this period, then this would have offered a partial explanation of the puzzle. The new estimates show that labour quality did fall - fractionally - in 2014. This was the first decrease in labour quality on an annual basis since comparable QALI estimates began in 1994, and followed only a small rise in labour quality in 2013. However, these estimates suggest only that labour quality has stopped exacerbating the productivity puzzle; they do not explain it.
We take a look at the developments in the Gross Domestic Product (GDP) and the labour market in Quarter 1 (Jan to Mar) 2015. Results show that the UK economy grew by 0.3% from the previous quarter. Although lower than the growth observed in the third and fourth quarter of 2014, this continues the positive trend observed for 9 consecutive quarters. The UK labour market also continued to perform resiliently.
We take a look at the developments in gross domestic product (GDP) and the labour market in Quarter 4 (Oct to Dec) 2014. Results show that the UK economy grew by 0.5% in the final quarter of 2014, resulting in a growth rate of 2.6% for 2014 as a whole - the strongest calendar year rate of growth since 2007. This improvement in economic outlook for businesses resulted in an increase in employment.
