Labour productivity in the UK, as measured by output per hour, decreased 0.4 percent on quarter in the three months to September 2018, following a 0.5 percent growth in the previous period. It reflected an expansion of 0.6 percent in gross value added (from 0.4 percent in Q2), along with an increase in total hours worked (1.0 percent from 0.1 percent in Q2) mainly driven by a slight rise in employment. Year-on-year, labour productivity grew by 0.1 percent in the third quarter, well below 1.4 percent in the preceding quarter. Productivity in the United Kingdom averaged 75.45 Index Points from 1971 until 2018, reaching an all time high of 101.70 Index Points in the fourth quarter of 2017 and a record low of 43.10 Index Points in the first quarter of 1971.
Productivity in the United Kingdom is expected to be 103.00 Index 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 105.00 in 12 months time. In the long-term, the United Kingdom Productivity is projected to trend around 108.00 Index Points in 2020, according to our econometric models.