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Productivity Lifts Before COVID-19 Hits
Labour productivity rose 0.6 percent in the year ended March 2020, Stats NZ said today.
“The latest figures showed that for every 100 goods and services a worker could produce per hour in 1996, they now produce 137,” national accounts senior manager Paul Pascoe said.
“A rise in productivity means that we are producing more at the same cost and effort. This can, over time, lead to lower prices for consumers, higher profits for businesses, a lift in wages for workers, and overall a higher material standard of living”.
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