The perils of productivity numbers

The forces driving growth in output per hour matter more than the decimal-point estimate itself.

Using a new methodology, the Office for National Statistics now reckons the UK’s output per hour worked grew by 1.3 per cent per year on average between 2009 and 2019.

Even if it is difficult to measure, productivity growth rightly remains a focus for policymakers across the world.

PHOTO: UNSPLASH

Tej Parikh

Britain has finally uncovered how to boost its lacklustre productivity growth: get better data.

Using a new methodology, the Office for National Statistics (ONS) now reckons Britain’s output per hour worked grew by 1.3 per cent per year on average between 2009 and 2019. That is almost double the previous annual figure of 0.7 per cent. (An earlier estimate of the country’s post-2008 productivity was awarded “UK statistic of the decade” by the Royal Statistical Society.)

See more on

Productivity

Global economy

Employment