Tuesday, 18 February 2014

Is low UK Productivity Due to Low Investment? No says the data

No.  here's the latest ONS MFP numbers, released Jan 2014. Figure21 shows the contibution from capital deepening have fallen since 2008, but are not enough to explain the fall in labour productivity.








The accompanying table suggests this:


Figure 2: Whole Economy: Decomposition of  Labour Productivity growth
CHART DATA



Percentage points





Contributions from
Year Labour Productivity Growth Capital deepening Labour composition MFP growth 
2000 4.0 1.4 0.5 2.1
2001 1.0 1.1 0.1 -0.2
2002 2.2 1.4 0.5 0.3
2003 3.8 1.2 0.7 1.8
2004 2.8 1.3 0.1 1.4
2005 1.4 0.5 0.6 0.3
2006 2.1 0.6 0.4 1.1
2007 2.6 0.6 0.5 1.6
2008 0.0 1.2 0.4 -1.6
2009 -3.6 1.2 1.0 -5.8
2010 1.5 0.3 0.9 0.2
2011 0.7 0.4 0.7 -0.3
2012 -1.7 -0.6 0.8 -1.9
averages



2000-07 2.5 1.0 0.4 1.0
2008-12 -0.6 0.5 0.8 -1.9

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