The utilities sector, which has seen flattening demand growth due to energy efficiency policies as well as a decline in economic activity during the crisis, was similarly not able to downsize labor due to the need to support electricity distribution and the grid infrastructure. We analyze the productivity-growth slowdown across a sample of seven countries: France, Germany, Italy, Spain, Sweden, the United Kingdom, and the United States. Spain - Spain - Agriculture, forestry, and fishing: Because of the relative decline of agriculture since the 1960s, Spain’s rural population decreased and many farms disappeared. We define the degree of penetration of new technologies as the stock of capital per hour worked in software and databases, research and development, computers and telecommunications equipment (according to EU KLEMS). People create and sustain change. Please email us at: Additional ways weak demand hurt productivity growth during the recovery. Most transformations fail. Create a profile to get full access to our articles and reports, including those by McKinsey Quarterly and the McKinsey Global Institute, and to subscribe to our newsletters and email alerts. Yet these digital trends remain subscale. We acknowledge that this analysis represents a decomposition and is not a causal analysis, and is sensitive to the underlying growth accounting formulation. The data reached an all-time high of 3.32 % in Sep 2009 and a record low of -15.02 % in Jun 2020. In Spain, Productivity is the real value of output per hour worked during a certain time. Digital upends old models. Direct access to our calendar releases and historical data. CEIC calculates Labour Productivity Growth from quarterly Real GDP Index and quarterly Employment. These include lag effects due to the need to reach technological and business readiness, costs associated with the absorption of management’s time and focus on digital transformation, as well as transition costs and revenue losses for incumbents that can drag sector productivity during the transition. Please click "Accept" to help us improve its usefulness with additional cookies. For example, consider the network effects from digital platforms such as Facebook and Google. For example, about 60 percent of the workforce in utilities in the United States is employed in transmission and distribution. The most complete set of 5.5 million time series covering more than 200 economies, compiled from 1500 sources worldwide, Unlimited access tailored to your data needs, Instant access to full history data in excel. Our findings suggest that unlocking the productivity potential of advanced economies requires a focus on promoting both demand and digital diffusion, in addition to interventions that help remove traditional supply-side constraints such as red tape. Our use of the term “digitization” and our measurement of it encompasses: the digitization of assets, including infrastructure, connected machines, data, and data platforms; the digitization of operations, including processes, payment and business models, and customer and supply-chain interactions; and the digitization of the workforce, including worker use of digital tools, digitally skilled workers, and new digital jobs and roles. How do companies, labor organizations, and even economists respond to the challenge of restarting productivity growth in a digital age? Furthermore, increasingly sophisticated pricing algorithms and tailoring of offerings to create markets of one could counter some of the improved market efficiency from online price transparency and comparison and review offerings. collaboration with select social media and trusted analytics partners Please use UP and DOWN arrow keys to review autocomplete results. While productivity growth in advanced economies has been slowing for decades, the sharp downturn following the financial crisis has raised alarms. Other stakeholders have a role to play, too. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. In addition to country analysis, we analyze six sectors in our sample of economies to identify what patterns are similar across sectors and what features are sector-specific in order to understand what drives aggregate productivity trends. 1. In addition, they may have to rethink their employment models and reskilling approaches in order to develop a strategy, potentially together with labor organizations, that allows people and machines to work side by side and workers and companies to prosper together. On digital, action is needed both to overcome adoption barriers of large incumbent business and to broaden the adoption of digital tools by all companies and citizens.
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