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OECD Compendium of Productivity Indicators 2015

image of OECD Compendium of Productivity Indicators 2015

Productivity is a key source of economic growth and competitiveness. The OECD Compendium of Productivity Indicators 2015 presents a comprehensive overview of recent and longer term trends in productivity levels and growth in OECD countries. It also highlights key measurement issues faced when compiling cross-country comparable productivity indicators.

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Trends in components of labour productivity growth

Policy makers are interested in analysing the structural factors determining labour productivity growth. For instance, a declining trend of labour productivity growth may be driven by declining investment in capital relative to hours worked (capital deepening). Or it could be indicative of factors that hamper growth in multifactor productivity (MFP), such as low innovative activity, skills mismatches or inefficiencies due to barriers to competition. To shed light on these structural factors, one can decompose the time series of labour productivity growth as well as its drivers, i.e. the contribution of capital deepening and MFP, into a trend and a cyclical component.

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