OECD Compendium of Productivity Indicators 2018

image of OECD Compendium of Productivity Indicators 2018

This report presents a comprehensive overview of recent and longer-term trends in productivity levels and growth in OECD countries, accession countries, key partners and some G20 countries. It includes measures of labour productivity, capital productivity and multifactor productivity, as well as indicators of international competitiveness.


International competitiveness

Despite their frequent use, unit labour costs (ULCs) are an incomplete measure of international competitiveness, as they deal exclusively with the cost of labour and do not consider changes in the cost of capital or intermediate inputs. For this reason, they need to be complemented with other indicators. In an era of global value chains, a measure based only on the costs of domestic labour may not be representative of overall cost competitiveness of firms within a country. Moreover, ULCs as a measure of cost-competitiveness cannot capture the capacity of firms to serve international markets through high quality goods and services and where demand is relatively price inelastic.



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