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Labour productivity grew in 2021

release 15/03/2023 | Growth and productivity measures 2021

Correction

There has been an error in the calculations of the capital input and data by character level industry of growth and productivity measures, for which reason the entire time series has been updated.

Read more about the correction

According to Statistics Finland the productivity of private sector labour increased by 1.5 per cent in 2021. The highest positive contribution was seen in growth in multi-factor productivity, which was 2.2 percentage points. In the previous year, 2020, the growth in labour productivity was primarily explained by industry-specific reallocation as working hours decreased due to corona shutdowns in service industries with lower productivity. The trend in labour productivity has been growing slowly since the mid-2010s.

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Key selections

The productivity of private sector labour increased by 1.5 per cent in 2021. The volume of value added grew by 3.8 per cent and the number of hours worked by 2.3 per cent.
The contribution of capital intensity to the change in labour productivity was -0.3 percentage points, while the contribution of the quality of labour input was 0.1 percentage points.
The contribution of the industry-specific reallocation was -0.5 percentage points.
The contribution of multi-factor productivity was 2.2 percentage points.
The longer-term analysis can be read in the release published in March 2022.

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