Luxembourg has been ranked among the most productive economies in The Conference Board brief published on 15 April.
The data examines the difference between GDP per hour versus GDP per capita, based on working hours and labour utilisation rates. Luxembourg came in second, 28 percentage points higher than the US (5th), with Norway topping the list.
However, the data also reveals the Euro area overall had a weak year in 2018 when it came to productivity growth, with output per hour at 0.2%, compared to a 1% average between 2010-2017.
Luxembourg’s total factor productivity growth in terms of year-on-year change from 2018 was -1.9%.
The brief cites the slow growth in Europe as due to a downturn in output growth, particularly in Q3 and Q4 of 2019, coupled with total hours working increasing over the same period.
Poland, Hungary and the Slovak Republic, however, are experiencing above-average European growth in productivity, due to improvements in output per hour increases last year.