Chart of the Day: Labour productivity rose by 4.5% in 2017

Thanks to gains led by the manufacturing and wholesale & retail trade sectors.

This chart from the Ministry of Manpower (MOM) shows that overall labour productivity, as measured by value-added (VA) per actual hour worked, rose by 4.5% in 2017, more than double the growth of 1.8% in 2016.

Similarly, VA per worker rose by 3.8% in 2017, higher than the growth of 1.4% in 2016. The stronger growth in VA per actual hour worked compared to VA per worker was due to a decline in the number of actual hours worked per worker, MOM explained.

MOM said, “Overall productivity growth in 2017 was supported by gains in the Manufacturing, Wholesale & Retail Trade, Transportation & Storage, Financial & Insurance Services, Business Services and Construction sectors. On the other hand, productivity declined in the Information & Communications and Accommodation & Food Services sectors.”

MOM said in a full-year statement that the labour market improved in 2017, in line with the pick-up in economic activity.

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