New Zealand's productivity performance and prospects
New Zealand’s medium-to-longer-run growth prospects and general standard of living critically depend upon its labour productivity performance. Relative to most OECD countries, the level of labour productivity in New Zealand is low and,when measured as GDP per worker, the historic growth performance has also been relatively poor. The apparently poor performance is a key concern for policymakers and has attracted much research attention. The focus has been to understand why performance has not been better, given that cross-country indicators of New Zealand’s economic environment broadly suggest New Zealand should be amongst the highest performers, not a laggard. In this article, the research is synthesised and recent official productivity data released by Statistics New Zealand (SNZ) is analysed. A key conclusion is that the historic productivity performance has in fact been significantly better than is suggested by looking at the aggregate measures of productivity in isolation, and there is some cause for optimism that this will continue.
Volume (Year): 70 (2007)
Issue (Month): (March)
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- Erwin Diewert & Denis Lawrence, 1999. "Measuring New Zealand’s Productivity," Treasury Working Paper Series 99/05, New Zealand Treasury.
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- Belorgey, Nicolas & Lecat, Remy & Maury, Tristan-Pierre, 2006.
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- Alan Bollard, 2005. "New Zealand's potential growth rate," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 68, March.
- Julia Hall & Grant M Scobie, 2006. "The Role of R&D in Productivity Growth: The Case of Agriculture in New Zealand: 1927 to 2001," Treasury Working Paper Series 06/01, New Zealand Treasury.
- Bryn Battersby, 2006. "Does distance matter?: The effect of geographic isolation on productivity levels," OECD Economic Studies, OECD Publishing, vol. 2006(1), pages 205-225.
- David Hargreaves & Hannah Kite & Bernard Hodgetts, 2006. "Modelling New Zealand inflation in a Phillips curve," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, September.
- Edward J. Balistreri & Christine A. McDaniel & Eina Vivian Wong, 2003. "An Estimation of U.S. Industry-Level Capital-Labor Substitution," Computational Economics 0303001, EconWPA.
- Julia Hall & Grant Scobie, 2005. "Capital Shallowness: A Problem for New Zealand?," Treasury Working Paper Series 05/05, New Zealand Treasury.
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