Labor productivity in the UK as measured by output per hour fell by 1.1 percent on quarter in the first three months of 2020, following a 0.3 percent rise in the previous period, preliminary estimates showed. It is the biggest plunge in productivity since 1974, due to the coronavirus pandemic and restrictive measures imposed. Meanwhile, output pr worker fell by 2.6 percent. Compared with the same period a year earlier, output per hour went down 0.4 percent and per worker 2.9 percent, with the latest reflecting the impact of a government policy that retains workers as employees with zero hours, but also driven by a growth in the number of workers over the quarter.
Productivity in the United Kingdom averaged 75.47 points from 1971 until 2020, reaching an all time high of 101.80 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 July of 2020. source: Office for National Statistics
Productivity in the United Kingdom is expected to be 99.90 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 98.60 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.