Labor productivity in the UK as measured by output per hour fell 2 percent on quarter in the second quarter of 2020, less than a preliminary estimate of a 2.5 percent decline. It is the biggest decline since Q1 1974. Output per hour went down 19 percent, compared to initial forecasts of a 19.9 percent decline, reflecting the impact of the furlough scheme. Year-on-year, output per hour fell 1.8 percent and per worker tumbled 21.1 percent, the biggest drop on record and larger than that observed for output per hour because of the impact of the furlough scheme that retains employees as workers even though they work zero hours source: Office for National Statistics
Productivity in the United Kingdom averaged 75.58 points from 1971 until 2020, reaching an all time high of 101.90 points in the fourth quarter of 2019 and a record low of 42.40 points in the first quarter of 1971. This page provides the latest reported value for - United Kingdom Productivity - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Productivity - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
Productivity in the United Kingdom is expected to be 99.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Productivity in the United Kingdom to stand at 99.50 in 12 months time. In the long-term, the United Kingdom Productivity is projected to trend around 100.00 points in 2021 and 101.10 points in 2022, according to our econometric models.