The latest ICP release shows that the UK's current PPP-based productivity level relative to the other G7 economies and the G7 as a whole has not changed significantly. This is in terms of both output per worker and output per hour worked. The UK is ahead of Japan, similar to Canada, Italy and Germany, and behind the US and France. In terms of constant price PPP productivity measures, which allow comparisons over time and of growth rates, the UK has shown the strongest improvement of the G7 economies since 1991. This release encompasses significant revisions to current PPP conversion rates, and therefore to the current PPP productivity indices. These revisions stem from the triennial Eurostat-OECD benchmarking process, which is explained in more detail in the article that accompanies the ICP First Release.
Published in web format: 19 February 2008 at 9:30 am
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