G7

UK Productivity “Significantly Less” Than G7 Average

UK Productivity “Significantly Less” Than G7 Average

The UK productivity rate is now “significantly less” than the G7 average with the UK now 17% behind the six other country members, a new report by the Office for National Statistics has found. These new figures now mean the productivity gap between the UK and other major advanced economies – Canada, America, France, Germany, Italy and Japan – is at its widest since records began in 1991. While the UK managed to narrow the gap with the rest of the G7 to just 4% in the early 2000’s, the trend has gone into reverse with the UK now 36% behind Germany. The report also shows that UK labour output is trailing behind the US in all sub-sectors, particularly in manufacturing. Comparisons with other European countries are more mixed, with UK manufacturing input estimated to be above that of Ita... »