dailynewsnblog
UK productivity rose at almost twice the pace previously estimated in the decade after the 2008 global financial crisis, according to new official figures that make Britain look much less of an international outlier.
Output per hour worked, the main measure of labour productivity, grew by an average of 1.3 per cent per year between 2009 and 2019, the Office for National Statistics said on Thursday. The ONS had previously estimated average annual growth of 0.7 per cent over the period.
The figure is based on a new “component-based” methodology that has already been adopted by many other national statistics institutes. It draws on a range of data sources to improve the ONS’s count of both the number of workers contributing to UK output and the number of hours worked.
Here is more from Delphine Strauss at the FT.
