The Productivity Measurement Analysis series, authored by experts in the Institute’s Productivity Lab, reports on productivity trends in the UK, United States and the Euro Area, following the reporting of national statistical agencies. More so than with most other measures, the long-term trend in productivity growth is a critical element of economic growth.
Analysis of productivity for Quarter 3, 2023
Another poor quarterly performance for productivity for the UK by Professor Raquel Ortega-Argilés
Office for National Statistics flash estimates of productivity show a decline in productivity growth for Q3 2023 compared to the previous quarter (Q2) and the same period in 2022. In particular, UK productivity per hour worked appears to be below the same quarter a year ago (-0.3) and quarter-on-quarter (-0.2), as is the UK output per worker growth (-0.1 quarter-on-year and -0.2 quarter-on-quarter). The analysis also includes comments from the Institute’s managing director in The Guardian about the figures.