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Recent country-specific and sectoral developments in labour productivity in the euro area

Author

Listed:
  • Da Silva, António Dias
  • Fabrizio, Antonella
  • Mohr, Matthias

Abstract

A combination of various adverse shocks has contributed to productivity growth being suppressed in the euro area over the last four years. In the first quarter of 2024 productivity per person employed was 0.7% lower than in the fourth quarter of 2019 and productivity per hour worked was just 0.7% higher. The pandemic, along with disruptions in global supply chains and the rise in energy prices from 2021, which were aggravated by the repercussions from the Russian war in Ukraine, have all contributed to a slowdown in productivity growth. While there are some differences, the slowdown is broad-based across sectors and the five largest euro area economies. A shift-share analysis shows that the documented slowdown in productivity is the result of within-sector developments and not of a reallocation of labour to less productive sectors. JEL Classification: E24

Suggested Citation

  • Da Silva, António Dias & Fabrizio, Antonella & Mohr, Matthias, 2024. "Recent country-specific and sectoral developments in labour productivity in the euro area," Economic Bulletin Boxes, European Central Bank, vol. 5.
    • Handle: RePEc:ecb:ecbbox:2024:0005:2
    Note: 686280
    as

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    More about this item

    Keywords

    Labour productivity; shift-share analysis;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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