The ONS data, a flash estimate on productivity in the fourth quarter of 2021, shows output per hour worked has now leapfrogged levels seen in 2019, despite the knock to the economy from the coronavirus pandemic. The data also looks at the effects of ending the furlough scheme on productivity, output per worker and hours worked across industries.
Output per hour worked is an economic indicator calculated by dividing the estimated output of all goods and services in the country, and dividing it by the real hours worked by citizens.
At a business level, this measures the efficiency of a company’s production.
At a national level, productivity measures are a prime source of economic growth and competitiveness on an international scale.
For the UK in the fourth quarter of 2021 (October to December), output per hour worked was 2.3 percent higher than the 2019 average.
It was also one percent higher than Q3 of 2021, despite the emergence of the Omicron variant and the knock to the economy that it brought.
This data shows the UK’s productivity is at its highest levels since 2008,…
