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Productivity
Productivity growth decreases

Whole economy productivity and unit wage costs, Annual growth

In the fourth quarter of 2007, whole economy productivity growth (measured by output per worker) was 1.7 per cent compared with the same quarter a year ago, down from a growth of 2.3 per cent in the previous quarter. The decrease in annual productivity growth was due to a decrease in the growth rate of output and an increase in the growth rate of whole economy workers.

On a quarter-on-quarter basis, productivity showed no growth in the fourth quarter, down from a growth of 0.4 per cent in the previous quarter.

The alternative measure of productivity, output per hour worked, showed that whole economy hourly productivity grew by 1.9 per cent in the fourth quarter of 2007 compared with the same quarter a year ago, up from 1.8 per cent in the previous quarter.
In the fourth quarter of 2007, manufacturing productivity, on an output per job basis was 2.2 per cent higher than the same quarter of 2006, down from a growth of 2.7 per cent the previous quarter. This decrease in the growth rate of quarterly productivity was due to a decrease in the contraction rate of manufacturing jobs.

On a quarterly basis, manufacturing productivity increased by 0.2 per cent in the fourth quarter of 2007, compared with the previous quarter, up from zero growth in the third quarter. This increase in the growth rate of quarterly productivity was due to an increase in manufacturing output growth.

Whole economy unit wage costs in the fourth quarter of 2007 were 2.7 per cent higher than the same quarter a year earlier, up from an increase of 1.8 per cent in the previous quarter. This is due to an increase in the growth rate of average wages and salaries and a decrease in the growth rate of output per worker.

Overall manufacturing unit wage costs in the fourth quarter of 2007 grew by 1.2 per cent compared with the same quarter a year earlier, up from an increase of 0.4 per cent in the previous quarter.

Published on 31 March 2008 at 9:30 am

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