UK productivity drops to 20-year low

The output per hour worked in the UK fell 21 per cent bellow the average value for G7 economies, the lowest level since 1992, figures released by the Office for National Statistics would suggest.

According to a news report on the matter, the productivity of UK workers is lowest when compared to that of their counterparts from the US, France and Germany. Nevertheless, British workers managed to produce 11 per cent more per hour than their Japanese counterparts.

John Philpott, director of the Jobs Economist, said: “We now know our relative performance is even direr than first thought. Output per hour worked in 2012 was 21 percentage points below the average for the G7 major industrialised countries – the widest ‘productivity gap’ for two decades – while output per worker was 25 percentage points lower.

“The UK economy clearly needs in particular a strong resurgence of business investment in order to both start closing the productivity gap and to trigger a rise in real wages for people in work.”

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