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The impact of the COVID-19 pandemic on labour productivity growth

Author

Listed:
  • Lopez-Garcia, Paloma
  • Szörfi, Béla

Abstract

The growth of euro area labour productivity, measured by real GDP per hour worked, increased at the onset of the coronavirus (COVID-19) pandemic before declining during the subsequent economic recovery. This contradicts the general notion of productivity being procyclical and reflects the unique nature of this crisis. This box discusses the recent patterns in labour productivity and considers the extent to which some of these developments might fade or consolidate after the crisis. JEL Classification: D22, D24, D61, O33, O47, O52

Suggested Citation

  • Lopez-Garcia, Paloma & Szörfi, Béla, 2021. "The impact of the COVID-19 pandemic on labour productivity growth," Economic Bulletin Boxes, European Central Bank, vol. 7.
    • Handle: RePEc:ecb:ecbbox:2021:0007:4
    Note: 2648086
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2021/html/ecb.ebbox202107_04~c9050e1d70.en.html
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    Citations

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    Cited by:

    1. Garnadt, Niklas & von Rueden, Christina & Thiel, Esther, 2021. "Labour reallocation dynamics in Germany during the COVID-19 pandemic and past recessions," Working Papers 08/2021, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.

    More about this item

    Keywords

    COVID-19 pandemic; euro area; Productivity growth;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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