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The Impact of Covid-19 on Productivity

Author

Listed:
  • Nicholas Bloom

    (Stanford University)

  • Philip Bunn

    (Bank of England)

  • Paul Mizen

    (University of Nottingham)

  • Pawel Smietanka

    (Deutsche Bundesbank)

  • Gregory Thwaites

    (University of Nottingham)

Abstract

We analyze the impact of Covid-19 on productivity using data from an innovative monthly firm survey that asks for quantitative impacts of Covid-19 on inputs and outputs. We find that total factor productivity (TFP) fell by up to 6% during 2020–2021. The overall impact combined large reductions in ‘within-firm’ productivity, with offsetting positive ‘between-firm’ effects as less productive sectors, and less productive firms within them, contracted. Despite these large pandemic effects, firms’ post-Covid forecasts imply surprisingly little lasting impact on aggregate TFP. We also see significant heterogeneity over firms and sectors, with the greatest impacts in those requiring extensive in-person activity.

Suggested Citation

  • Nicholas Bloom & Philip Bunn & Paul Mizen & Pawel Smietanka & Gregory Thwaites, 2025. "The Impact of Covid-19 on Productivity," The Review of Economics and Statistics, MIT Press, vol. 107(1), pages 28-41, January.
    • Handle: RePEc:tpr:restat:v:107:y:2025:i:1:p:28-41
    DOI: 10.1162/rest_a_01298
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