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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

Understanding to which extent productivity growth is driven by structural factors and affected by short-term economic fluctuations is of utmost importance for policy makers. To shed light on this distinction, one can decompose the series into a trend and a cyclical component, where the trend is meant to capture the long-term growth of the series and the cyclical component is the deviation of the series from that trend. In the OECD Compendium of Productivity Indicators 2015, the method used to extract the trend component is the Hodrick-Prescott (HP) filter (Hodrick and Prescott, 1997).

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