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Published: 28 September 2007

Development of productivity in the national economy 1970-2006

Based on preliminary national accounts data, the growth rate of labour productivity in the whole national economy was 3.2 per cent in 2006, having been 1.6 per cent in 2005 and 2.8 per cent in 2004. The respective growth rate of total factor productivity was 3.1 per cent in 2006, having been 1.2 per cent in 2005 and 2.2 per cent in 2004. Capital intensity grew at the rate of 0.2 per cent in the whole national economy in 2006, while the corresponding rates for 2005 and 2004 were 0.4 per cent and 0.6 per cent.

The Hodrick-Prescott filtered long-term growth trend indicates that the pace of growth in labour productivity has slowed down to around 2 to 2.5 per cent in the whole national economy since 1995, whereas during the preceding time period between 1975 and 1995 labour productivity grew by around 3 per cent per annum. The respective long-term trend for total productivity shows that total productivity fluctuated between 1.5 and 2 per cent before the year 1993. Between 1993 and 2000, total productivity grew at the average rate of 2 to 3 per cent per annum. After 2000, the trend in the growth of total productivity fell temporarily to 1.3 per cent in 2002, but then returned to around 2 per cent. Before 1993, the trend in the growth of capital intensity was around 1 per cent, but then slowed down clearly in the 1993 to 2000 period. Since 2000, the annual rate of growth in capital intensity has remained at approximately 0.5 per cent.

Development of productivity in the whole national economy 1970-2006, %

To complement the Productivity Review, a Px-Web based database service has been created on Statistics Finland's website (www.tilastokeskus.fi/til/ttut/tau_en.html) from which customers can obtain the latest and most detailed data on productivity. Apart from figures obtained with KLEMS calculations on total factor productivity and labour productivity, the database also contains the intermediate results used in the calculations of capital inputs as well as the figures on labour productivity calculated from published national accounts data on gross output and value added.

Besides figures on productivity, this publication also contains a description of the EU KLEMS database, a methodological description of the KLEMS productivity calculation used in the Productivity Review, information about the use of the Hodrick-Prescott filter in growth trend calculations, as well as data on the productivity of the public sector.

Source: Productivity Review 2007. Statistics Finland

Inquiries: Mr Antti Pasanen +358 9 1734 2629, firstname.lastname@stat.fi

Director in charge: Mr Ari Tyrkkö

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Last updated 28.9.2007