The 2018 OECD Compendium of Productivity Indicators Belen Zinni (belen.zinni@oecd.org) and Frédéric Parrot (frederic.parrot@oecd.org), Statistics and Data Directorate, OECD
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while the upturn is set to persist into 2018, it has been eak productivity growth remains the modest, partly reflecting continued relatively backdrop in most OECD economies, which, in turn, weak labour productivity growth in most means that productivity countries (Figure 1). In the OECD as a whole, remains very much at labour productivity in the post-crisis period has the forefront of policy making. The OECD grown at about half the rate of the pre-crisis Compendium of Productivity Indicators period. And while the slowdown has been an annual publication - aims to inform the widespread across all major sectors, it has debate through the provision of a consistent been particularly marked in manufacturing, set of annual estimates of labour, capital and where productivity growth rates remain well multifactor productivity growth, unit labour below pre-crisis levels in most countries, in costs and related indicators for OECD particular in the Czech Republic, Finland, (2018), OECD Compendium of member countries and key partner economies, OECD Hungary, Korea, Latvia, Sweden and the Productivity Indicators 2018, https://doi. including targeted focuses on the relationships org/10.1787/pdtvy-2018-en.. United States. and interaction between productivity growth, Capital deepening has also been weak firm size, globalisation and wages. Although there are some signs that investment may Each year, the Compendium also includes a special be beginning to pick up, the recovery remains modest, introductory chapter looking at specific, statistically with capital deepening, i.e. increases in capital per hour oriented issues. This year the introductory chapter places worked, from both ICT and non-ICT capital, stalling in a spotlight on the importance of granular information in many countries in the post-crisis period, compounding the analysing productivity. longer term slowdown in productivity growth seen before the crisis in many countries. Slower capital deepening The main findings of the 2018 edition are summarised rates in part reflect higher employment, but are also in below. line with lower investment rates, especially in tangible assets, i.e. dwellings, non-residential construction, Economic growth is picking up but labour machinery and equipment and cultivated assets, which, productivity growth remains weak in most countries, showed only a marginal improvement Global economic growth remains solid and broad-based, on the crisis lows and remain below pre-crisis even though the pace has eased in recent periods. But rates (Figure 2). However, investment in intellectual Figure 1. Labour productivity growth before and after the crisis GDP per hour worked, total economy, percentage change at annual rate 7
8
2010-2016
2001-2007
6 5 4 3 2 1 0 -1
-1
Download chart at http://dx.doi.org/10.1787/888933733296 - Source: OECD (2018), OECD Productivity Statistics (database), http://dx.doi.org/10.1787/pdtvy-data-en, February 2018.
Issue No. 68, July 2018 - The OECD Statistics Newsletter 3