Filenews 31 January 2022
There is ample scope for productivity growth for Cyprus, which ranks 59th in the "productivity per hour" index, according to data published by the International Labour Organisation for 2021. With $30.2 of GDP per hour, Cyprus is below countries such as Libya ($36.8), Turkey ($40.3) and Greece ($41.4).
According to IMO data, the most productive countries per hour are Luxembourg and Ireland by far, with $128.1 and $122.2 per hour. Third in the rankings are Singapore, with $73.7, followed by the U.S. with $70.6 and Switzerland with $69.7.
Labour productivity is an important economic indicator, as it is closely linked to economic growth, competitiveness and living standards. Labour productivity represents the total volume of output and is measured in terms of Gross Domestic Product (GDP) produced per unit of work, measured in terms of the number of employees or hours worked, over a given reference period.
From it, useful information is drawn in relation to the efficiency and quality of human capital in the production process, within a given economic and social context, taking into account also the innovations used in production.
