National Statistics Online - Product - Multi-factor Productivity (experimental)
Multi-factor Productivity (experimental)
Product
Multi-Factor Productivity (MFP), sometimes called Total-Factor Productivity (TFP) or growth accounting, can be used to further analyse productivity of the whole economy and, data allowing, some industry breakdowns.
It apportions growth in output to growth in the factor inputs of capital and labour, and growth in a residual representing disembodied technical change. Therefore, if the growth rate of output is greater than the growth rate of the combined factor inputs, then the residual can be interpreted as an approximation of growth in disembodied technical change, that is, advances in technology not embodied in capital.
View more information about this product
