OECD Compendium of Productivity Indicators 2013
Productivity is a key source of economic growth and competitiveness and, as such, we need internationally comparable measures for assessing economic performance. The OECD Compendium of Productivity Indicators 2013 presents a comprehensive overview of recent and longer term trends in productivity levels and growth in OECD countries. It also highlights some of the key measurement issues faced when compiling cross-country comparable productivity indicators.
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Labour, capital and multifactor productivity
Economic growth can be increased either by raising the labour and capital inputs used in production, or by improving the overall efficiency in how these inputs are used together, i.e. higher multifactor productivity growth (MFP). Growth accounting involves decomposing total output (GDP) growth into these three components. As such, it provides an essential tool for policy makers to identify the underlying drivers for growth.
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