Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Labour productivity increases 1 percent

Labour productivity increases 1 percent – Media release

18 March 2013

Labour productivity increased 1.0 percent in the March 2012 year, driven by the largest growth in output since 2008, Statistics New Zealand said today. Output grew 2.7 percent, with growth strongest in the agriculture industry, which increased 30 percent.

"The growth in agriculture output was the result of excellent growing conditions," national accounts manager Rachael Milicich said. "If we excluded agriculture, labour productivity would have fallen."

Labour productivity measures the quantity of goods and services (output) produced for each hour of labour. The latest figures show that if 100 products could have been produced in one hour of labour in 1996, then 126 could have been produced in one hour of labour in 2012. The number of paid hours of labour per week in productivity statistics increased 1.4 percent in the year ended March 2012, to 54.9 million hours.

In the March 2012 year, multifactor productivity, which measures how efficiently goods and services are produced in the economy, grew 0.7 percent. This was because outputs (goods and services) grew faster than the inputs (hours of labour, and capital, like land and buildings) used to produce them. Growth in this area shows more efficient production and is often associated with technological change, organisational change, or economies of scale.

Productivity is regarded as key to increasing New Zealand's standard of living and is a major driver of gross domestic product – the main indicator of economic activity. Productivity statistics cover approximately 80 percent of the economy and exclude government administration and defence, health, and education.

ENDS

For more information about these statistics:
• Visit Productivity Statistics: 1978–2012

• Open the attached files
http://img.scoop.co.nz/media/pdfs/1303/ProductivityStatistics7811.pdf

http://img.scoop.co.nz/media/pdfs/1303/ps19782012measuredsectortables.xls

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news