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OECD Compendium of Productivity Indicators 2019

image of OECD Compendium of Productivity Indicators 2019

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. An introductory chapter features an analysis of latest developments in productivity, employment and wages.

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Trends in multifactor productivity and capital deepening

Policymakers are interested in the structural factors that may have accentuated the recent slowdown in labour productivity growth. The declining trend labour productivity growth may be driven by declining investment in capital relative to hours worked (capital deepening) or could be indicative of factors that have hampered growth in multifactor productivity (MFP), such as subdued innovative activity, skills mismatches and 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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