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The OECD Compendium of Productivity Indicators presents a broad overview of recent and longer term trends in productivity levels and growth across OECD countries and key partner economies. It highlights the key measurement issues faced when compiling cross-country comparable productivity indicators and describes the caveats needed in analyses.
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Productivity is commonly defined as a ratio between the volume of output and the volume of inputs. In other words, it measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output. Productivity is considered a key source of economic growth and competitiveness and, as such, internationally comparable indicators of productivity are central for assessing economic performance.
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Labour productivity growth in the OECD area remains weak. Since 2010, annual growth in labour productivity has slowed to 0.9%, about half the rate recorded in the pre-crisis period. Labour productivity growth has also slowed in OECD countries with relatively low labour productivity levels, undermining the pace of convergence. A similar picture surfaces for emerging economies, in particular in Brazil, the Russian Federation and South Africa, who have fallen further behind the productivity frontier with subdued performance in recent years.
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