UK productivity higher than we had thought
UK productivity rose at almost twice the pace previously estimated in the decade after the 2008 global financial crisis, according to new official figures that make Britain look much less of an international outlier. Output per hour worked, the main measure of labour productivity, grew by an average of 1.3 per cent per year between […] The post UK productivity higher than we had thought appeared…
UK productivity has been found to outpace previous estimates by a significant margin, according to newly released official data. The Office for National Statistics (ONS) revealed that output per hour worked, a key indicator of labor productivity, grew by an average of 1.3 percent annually between 2009 and 2019. This is nearly double the previously estimated growth rate of 0.7 percent over the same period.
The ONS updated its methodology, adopting a "component-based" approach that incorporates a broader range of data sources. This new methodology has also been incorporated by several other national statistics agencies.
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