Productivity

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Productivity is commonly defined as a ratio between the volume of output and the volume of inputs. In other words, it measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output. Broadly, productivity measures can be classified as single factor productivity measures (relating a measure of output to a single measure of input, e.g. labour productivity) or multifactor productivity measures (relating a measure of output to a bundle of inputs, e.g. multifactor productivity). Productivity is considered a key source of economic growth and competitiveness.

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Keywords:  productivity, labour productivity
 

Labour productivity and utilisation You or your institution have access to this content

Author(s):
OECD

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Labour productivity growth is a key dimension of economic performance and an essential driver of changes in living standards. Growth in gross domestic product (GDP) per capita can be broken down into growth in labour productivity, measured as growth in GDP per hour worked, and changes in the extent of labour utilisation, measured as changes in hours worked per capita. High labour productivity growth can reflect greater use of capital, and/or a decrease in the employment of low-productivity workers, or general efficiency gains and innovation.

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Keywords:  GDP per hour worked, labour utilisation, gdp per capita, labour productivity
 
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    http://data.oecd.org/lprdty/labour-productivity-and-utilisation.htm
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