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Fri, 13 May, 2016 12:03:23 AM FTimes Report, May 13  Development of productivity in the whole national economy 1976 to 2014, %. Source: Productivity surveys 2014, Statistics Finland. The growth rate of labour productivity in the whole national economy was 0.4 per cent in 2014 as the preliminary national accounts data.
In 2013, the labour productivity did not grow and in 2012 it contracted by 2.1 per cent.
The respective growth rate of total productivity in the whole national economy was -0.1 per cent in 2014, having been -0.7 per cent in 2013 and -2.5 per cent in 2012.
The Hodrick-Prescott filtered long-term growth trend (HP) indicates that the pace of growth in labour productivity in the whole economy slowed down strongly since the mid-1990s from 3 to 3.5 per cent to -0.4 per cent in 2014.
Although the annual growth rates for individual years (2000, 2004, 2007 and 2010) had been around three to four per cent, the trend in labour productivity has been declining continuously since the mid-1990s, the Statistics Finland’s data show.
The respective long-term growth trend for total factor productivity shows that the average annual growth of total factor productivity was around 2.1 per cent before 1993.
Between 1993 and 2000, total factor productivity grew at the average rate of 2.5 per cent per annum. After 2000, the growth trend of total factor productivity made a clear downturn.
The contribution of labour composition to value added growth was strongest during the 1990s.
Average growths of productivity in the whole national economy, 1976 to 2014
1) The figures concerning the year 2014 are based on preliminary data. Source: Productivity surveys 2014, Statistics Finland. More News
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