UK Productivity Jumps at Fastest Rate For Six Years

5th January 2018. 

The productivity of British workers has increased at the fastest rate in more than six years, according to recent data.

According to new data from the Office for National Statistics, productivity grew by 0.9 percent in the three months to September 2017.
Economists estimate the jump came from the stronger growth in factory output and weaker jobs growth.
Philip Shaw, chief economist at City bank Investec insists that the falling numbers of people entering the workforce and fewer hours worked were key reasons for the increased productivity.
Prior low levels of productivity in Britain was one of the main concerns for the chancellor in his budget in the autumn. It has also been a key factor in holding down wages across the economy.

Productivity has been further fuelled by improved efficiency in the services and manufacturing sectors, as the UK’s factories benefit from strong global economic growth and the weak pound.

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