Wednesday, 12 May 2021

UK productivity hits six-year high

UK productivity

LONDON: According to figures published by the Office for National Statistics today, hourly labour productivity in the UK has risen by 0.9 per cent in the three months to September 2017.

However, financial services have shown a negative contribution, falling 0.5 per cent. The figures also showed that growth in UK workers’ productivity over the past decade was the least since the 1820s.

Output per hour increased by 0.9 per cent compared to the previous quarter, the biggest increase since the second quarter of 2011 when productivity grew by 1 per cent.

Britain has experienced a “lost decade” of productivity growth since the financial crisis of 2009.

The ONS deputy chief economist, Richard Heys, told media: “While this stronger growth is welcome, it is set against a decade of weak productivity growth. Ten years after the peak of labour productivity, output per hour worked is just 1% higher – a slowdown which is without parallel since official records began.”

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