Labor productivity in the UK as measured by output per hour sank 4.3 percent on quarter in October-December 2020, compared with a preliminary estimate of a 4.5 percent plunge and a revised 6.5 percent jump in the previous three-month period, as total hours worked recovered faster than gross value added. Year-on-year, productivity fell 0.7 percent, after a 4.0 percent jump in the previous quarter. Meanwhile, output per worker rose by 1.6 percent compared with the previous quarter as the number of workers on furlough continued to decrease. Year-on-year, however, output per worker fell by 5.9 percent, largely because of retained employment through the coronavirus Job Retention Scheme (furlough), while not undertaking working activities. Considering 2020 full year, output per hour grew 0.4 percent, although there was substantial volatility during the year; this contrasted with a slow and steady decline in productivity during the 2008-09 economic downturn. source: Office for National Statistics
Productivity in the United Kingdom averaged 75.53 points from 1971 until 2020, reaching an all time high of 104.50 points in the third quarter of 2020 and a record low of 42.60 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 April of 2021.
Productivity in the United Kingdom is expected to be 99.10 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 101.00 in 12 months time. In the long-term, the United Kingdom Productivity is projected to trend around 101.10 points in 2022 and 102.50 points in 2023, according to our econometric models.