Saturday, 24 May 2014

UK relative productivity again

The ONS has helpfully an international productivity comparison page,  here.  
What does it show?

First, teh UK performance in the 2000s was pretty impressive: better than the US.  Italy was very poor.  Second, our performance after the shock was also very poor, note the US in particular.
Third, note that the real puzzle is the post 2011 data.  This is mostly due to the rise in UK hours worked relative to other countries, see below.

I wonder if the hours data might be under revision at some point.