Tuesday, 28 November 2023

B Business

UNITED KINGDOM: Productivity growth strongest since financial crisis

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The UK has seen the strongest two quarters of productivity growth since the recession of 2008, according to the latest data.


Output per hour rose 0.8% in the three months to December, the Office for National Statistics said. It follows growth of 0.9% in the previous period.

There was also a better than expected rise in wages. Excluding bonuses, earnings rose by 2.5% year-on-year.

However, unemployment edged higher, but still remains low at 4.4%.

The growth in productivity - as measured by the amount of work produced per working hour - will provide encouragement to policy makers who have wrestled with the challenge of low productivity growth since the financial crisis.

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