Here are some up to date statistics on New Zealand’s productivity from Grant Cleland of the Parliamentary Library in Wellington. He looks at the productivity of Labour, Capital and Multifactor.
Labour – is measured as a ratio of output to labour input. The change in labour productivity can also be broken into its component parts:
– The amount of capital available to be used by the labour force; and
– A change in multi-factor productivity (the change in output that cannot be attributed to a change in either capital or labour inputs).
The recent reduction in capital per worker (or, capital shallowing) could be the result of the recession, in that firms would have been unwilling to upgrade capital plant or invest in new plant when the demand for their goods and services was uncertain.
Capital – is measured as a ratio of output to capital input.
Multifactor – is growth that cannot be contributed to either capital or labour, such as an improvement in knowledge, methods or processes. An increase in multifactor productivity is commonly referred to as a technical change or efficiency growth.