(Bloomberg) — Britain was less productive than any other Group of Seven economy except Italy, Canada and probably Japan in 2021. Official figures Wednesday show the UK generated just £46.92 ($56.90) of output for every hour worked — compared to £58.88 in the US, £55.83 in Germany and £55.50 in France. The middling performance follows years of lackluster growth. Between the financial crisis and the pandemic, productivity grew just 5%, with only Italy registering a worse performance. A strong post-Covid rebound has since boosted the UK relative to its European counterparts.
(Bloomberg) — Britain was less productive than any other Group of Seven economy except Italy, Canada and probably Japan in 2021. Official figures Wednesday show the UK generated just £46.92 ($56.90) of output for every hour worked — compared to £58.88 in the US, £55.83 in Germany and £55.50 in France. The middling performance follows years of lackluster growth. Between the financial crisis and the pandemic, productivity grew just 5%, with only Italy registering a worse performance. A strong post-Covid rebound has since boosted the UK relative to its European counterparts.
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