Productivity in OECD countries.pdf
Labour productivity in the OECD countries THERE ARE LARGE DISPARITIES IN LABOUR PRODUCTIVITY LEVELS BETWEEN COUNTRIES, EVEN WITHIN THE OECD AREA In 2021, average labour productivity in the OECD stood at $60.8/hour Most of the countries with the lowest labour productivity in 2000 have since increased it IN 2020, THE IMPACT OF THE PANDEMIC ON LABOUR PRODUCTIVITY IN THE OECD TRANSLATED INTO AN INCREASE OF ALMOST 4% Y-O-Y DUE TO A DECLINE IN HOURS WORKED GREATER THAN THE DECLINE IN GDP Labour productivity grew by 3.7% y-o-y in 2020, 2.5 pp higher than the 2001-19 average Pandemic restrictions led to reallocation of hours worked between sectors Labour productivity by company size LARGE FIRMS TEND TO BE MORE PRODUCTIVE THAN SMALL FIRMS, ESPECIALLY IN THE MANUFACTURING SECTOR Large companies benefit from increasing returns to scale that favor their higher productivity Smaller companies sometimes outperform larger ones, especially in the business services sector
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Productivity in OECD countries.pdf
- 1. Productivity in OECD countries ECONOMY In data Source: Círculo de Empresarios based on OECD, 2023. LABOUR PRODUCTIVITY OECD AVERAGE 2021 60.8 $/hour x2 LABOUR PRODUCTIVITY LARGE COMPANIES SPAIN 2020 productivity of microenterprises IMPACT OF THE COVID PANDEMIC ON AVERAGE LABOUR PRODUCTIVITY OECD 2020 +3.7% y-o-y Average 2001-19 → +1.2% LABOUR PRODUCTIVITY SPAIN AVERAGE 2021 -1.2 $/hour than OECD average and -11.8 $/hour than Eurozone average Labour productivity in the OECD countries THERE ARE LARGE DISPARITIES IN LABOUR PRODUCTIVITY LEVELS BETWEEN COUNTRIES, EVEN WITHIN THE OECD AREA In 2021, average labour productivity in the OECD stood at $60.8/hour GDP per hour worked in current prices and PPP Labour productivity → Ireland and Luxembourg about x2 OECD average, and Mexico and Colombia 1/3 Most of the countries with the lowest labour productivity in 2000 have since increased it Difference in pp with respect to OECD average (=0) Labour productivity by company size LARGE FIRMS TEND TO BE MORE PRODUCTIVE THAN SMALL FIRMS, ESPECIALLY IN THE MANUFACTURING SECTOR 0 50000 100000 150000 200000 250000 300000 350000 400000 450000 Ireland Luxembourg Denmark Norway UK Switzerland Belgium Sweden Netherlands Austria Iceland France Germany Finland Australia Israel Estonia Slovenia Italy Spain Czech Rep. Poland Hungary Lithuania Latvia Portugal Slovakia Turkey Greece Micro (1-9 workers) Small (10-49 workers) Medium (50-249 workers) Large (250 or more workers) Large companies benefit from increasing returns to scale that favor their higher productivity Value added per worker, US $, current prices Companies classified by number of workers Labour productivity grew by 3.7% y-o-y in 2020, 2.5 pp higher than the 2001-19 average IN 2020, THE IMPACT OF THE PANDEMIC ON LABOUR PRODUCTIVITY IN THE OECD TRANSLATED INTO AN INCREASE OF ALMOST 4% Y-O-Y DUE TO A DECLINE IN HOURS WORKED GREATER THAN THE DECLINE IN GDP % y-o-y change in GDP per hour worked total economy Y-o-y decomposition of total labour productivity total economy exc. real estate, Public Adm. and defense, education and health care 3.7 -0.8 -1 0 1 2 3 4 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Average 1.2% Pandemic restrictions led to reallocation of hours worked between sectors -8 -6 -4 -2 0 2 4 6 Belgium UK Luxembourg Slovakia US Italy Norway Sweden Austria Australia Greece Slovenia Czech Rep. Finland Denmark France Germany Iceland Hungary Netherlands Poland Spain Mexico Within-industry effect Overall reallocation effect Labour productivity growth The fall in hours worked was more contained in high-productivity sectors, driving aggregate labour productivity growth in 2020 Convergence of labour productivity levels among OECD countries Smaller companies sometimes outperform larger ones, especially in the business services sector Value added per worker, Index large companies = 100 Selected economies Competitive advantages of smaller companies in niche, branded or IP-intensive activities, as well as intensive use of ICTs 105.4 78.0 73.7 60.4 48.4 77.6 85.9 76.7 89.6 76.4 101.8 95.8 92.1 110.2 98.9 UK France Germany Spain Italy 72.7 45.6 40.3 36.0 32.0 58.2 61.9 51.7 56.1 58.2 64.9 75.4 64.3 77.3 85.3 100 UK France Germany Spain Italy Micro Small Medium Large Manufacturing Business services 100 Eurozone 71.4