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

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news