Productivity and Competitiveness Indicators (1997 – 2007),
April 2008 issue
Highlights

1. Output
During the period 1997 to 2007, the Gross Domestic Product (GDP) in real terms grew on the average by 4.6% per annum. During the same period, Manufacturing grew at a lower rate of 1.9% while the average annual growth in Export Oriented Enterprises (EOE) was 0.2%.

2. Labour input (employment) and labour productivity
Between 1997 and 2007, labour input for the economy grew on the average by 1.1% annually, while that for Manufacturing and EOE declined by 1.4% and 2.3% respectively. Labour productivity for the economy, as measured by real output per person engaged, grew at an annual rate of 3.5% against 3.3% for Manufacturing and 2.6% for EOE.

In 2007, labour productivity for the economy grew at 3.7% higher than the 3.3% growth registered in 2006. This is explained by growths of 5.4% and 1.6% in GDP and labour input respectively in 2007. During the same year, labour productivity for Manufacturing increased at a lower rate of 0.7% compared to the 3.3% growth in 2006; EOE witnessed increases of 5.4% and 5.7% in 2006 and 2007 respectively.

3. Capital input and capital productivity.
During the period 1997-2007, capital input for the economy grew at an annual rate of 5.3% compared to 3.9% and 5.4% in Manufacturing and EOE respectively. However, because of low growths in output compared to capital input, capital productivity defined as the ratio of output to capital input declined at an average annual rate of 0.7% for the economy, 1.9% for Manufacturing and 4.9% for EOE.

After a decline of 0.6% in 2006, capital productivity for the total economy declined further by 0.4% in 2007. Similar trends were noted in Manufacturing which declined by 2.3% in 2007 after an increase of 4.1% in 2006, and in EOE where a fall of 7.4% was noted after an increase of 2.0% in 2006.

4. Average compensation and Unit Labour Cost (ULC)
Between 1997 and 2007, average compensation of employees increased annually by 8.2% for the whole economy and by 8.9% for both Manufacturing and EOE. During the same period, ULC defined as the remuneration of labour to produce one unit of output grew at an average annual rate of 4.5% for the total economy, 5.5% for Manufacturing and 6.1% for EOE, as a result of higher growths in average compensation of employees compared to labour productivity.

During the same period, ULC in Dollar terms increased by 0.5% for the economy and 1.3% for Manufacturing while a higher growth of 1.9% was registered in the EOE.

In 2007, ULC for the economy grew by 6.5% compared to 3.1% in 2006. ULC in Manufacturing increased by 11.2% in 2007 compared to a fall of 0.7% in 2006 while in EOE it increased by 5.4% in 2007 compared to a fall of 2.0% in 2006. In Dollar terms, ULC increased by 5.8% for the economy, by 10.4% for Manufacturing and by 4.6% for the EOE in 2007.

May 2008

More: Productivity and Competitiveness Indicators (1997 – 2007), April 2008 issue

Introduction

Table 1.1 Trends in output and inputs - Total economy, 1997 - 2007

Table 1.2 Trends in productivity - Total economy, 1997 - 2007

Table 1.3 Average compensation of employees, Unit Labour Cost, and Labour productivity - Total economy, 1997 - 2007

Table 1.4 ULC in local currency and US dollar - Total economy, 1997 - 2007

Table 2.1 Trends in output and inputs - Manufacturing sector, 1997 - 2007

Table 2.2 Trends in productivity - Manufacturing sector, 1997 - 2007

Table 2.3 Average compensation of employees, Unit Labour Cost, and Labour productivity - Manufacturing sector, 1997 - 2007

Table 2.4 ULC in local currency and US dollar - Manufacturing sector, 1997 - 2007

Table 2.5 - Hourly labour cost in US Dollar - Manufacturing sector, 1997-2007

Table 3.1 Trends in output and inputs - Export Oriented Enterprises (EOE), 1997 - 2007

Table 3.2 Trends in productivity - Export Oriented Enterprises (EOE), 1997 - 2007

Table 3.3 - Trends in output and inputs in the textile and non textile subsectors of EOE, 1997 - 2007

Table 3.4 - Trends in productivity in the textile and non textile subsectors of EOE, 1997 - 2007

Table 3.5 - Average compensation of employees, ULC and Labour productivity in the textile and non textile subsectors of EOE, 1997 - 2007

Table 3.6 - ULC in local currency and US dollar for the textile and non textile subsectors of EOE, 1997 - 2007

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