2018 Productivity in the UK growing at highest rate for years
British employees productivity in 2017 grew at its highest rate from prior to the crisis in the financial sector , which has been of benefit to the Uk government.
Actual economic throughput per unit hour increased by almost 1% in the 3 months up to December which bodes well for 2018 experts say. The ONS has stated that the two periods together have increased the most since the later part of 2005.
To temper this upbeat increase however, the worker efficiency coefficient for 2017 has remained at a lower level than prior to the financial crisis, and with Brexit uncertainties combined with a poor start to 2017.
Better living standards are closely tied in with statisticians, when compared alongside productivity increases and they could have come because of a reduced number of hours being worked as opposed to an actual boosting by companies of their real output in economical terms.
2017 saw good improvments in the last quarter but these were powered by companies like shops. Restaurants and bars, as well as manufacturing focused companies. The finance economy segment and also the utilities companies were essential a parasite to the overall growth rate.
The ONS stated that British employee productivity rates were still far less than what could have been seen if production output had stayed at the pre-crisis levels. Indeed, the rest of Europe has grown where the UK has slowed and the UK labour productivity statistics show that the country is almost 17% below the median for the remaining G7 country economies.
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Matt J
Financial researcher at Bestloans.net
Matt is a Mathematics graduate with an in-depth knowledge of finance and accounting. His hobbies include playing squash, tennis, and scrambling in the mountains.
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