Labor Productivity y/y reflects the ratio between the real labor efficiency and the working time spent. The indicator is calculated as a change in the volume of goods or services produced per working hour in the given quarter compared to the same quarter of the previous year.
The data is published by the UK Office for National Statistics based on a survey of households and enterprises, as well as using data from national accounts, namely the estimates of gross value added. Taking into account the required source data collection, Labour productivity figures are released a week after the release of quarterly national accounts. Data is published with a delay, about three months following the reporting period. The labour productivity is calculated for the entire economy as a whole and separately by industry.
Labour productivity is an important factor, which can determine the production potential of the economy. Countries having strong labour productivity growth tend to have higher economic growth rates alongside lower inflation.
Generally, it is considered to be the driving force behind long-term changes in average living standards. Therefore, higher than expected growth is seen as positive for the national economy and may have a short-term moderate positive effect on the British pound quotes.
The chart of the entire available history of the "United Kingdom Labour Productivity y/y" macroeconomic indicator.
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