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
 

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  • GDP per hour worked

    GDP per hour worked is a measure of labour productivity. It measures how efficiently labour input is combined with other factors of production and used in the production process.
  • Labour productivity forecast

    Labour productivity is defined as gross domestic product (GDP) per hour worked.
  • Labour productivity and utilisation

    Labour productivity is measured as GDP per hour worked. Labour utilisation is measured as the number of hours worked per capita.
  • Labour compensation per hour worked

    Labour compensation per hour worked is defined as compensation of employees in national currency divided by total hours worked by employees.
  • Multifactor productivity

    Multifactor productivity (MFP) reflects the overall efficiency with which labour and capital inputs are used together in the production process.
  • Unit labour costs

    Unit labour costs are often viewed as a broad measure of (international) price competitiveness. They are defined as the average cost of labour per unit of output produced.
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