Productivity By Country | Everything You Need To Know

November 1, 2022
Productivity By Country | Everything You Need To Know

In a global economy, productivity is one of the most important factors driving a nation’s economic success. The Organization for Economic Cooperation and Development (OECD) recently released a study on productivity by country, ranking the top 35 out of 41 member states. The results were surprising, but we’ll get to those later.

First, let’s start at the beginning with what exactly productivity is. Productivity measures how much output an employee generates in a given amount of time. If you look at any country’s gross domestic product (GDP), it’s easy to see that productivity is essential to growth.

Measuring a Country’s Economy

GDP and GNP are two different ways of measuring the size of a country’s economy. GDP stands for gross domestic product, and GNP is the gross national product.

Both measure the total value of goods and services produced in a country.

  1. GDP measures everything produced within a country’s borders. It includes goods produced by foreign companies that have been sold in the country, but it does not include goods produced by domestic companies for export.
  2. GNP measures everything a country’s residents produce regardless of where they are located or where they sell their products. So if you buy an iPhone in China or Thailand, it will be counted as part of U.S. GNP because Apple Inc., based in California, makes those phones there (and sells them domestically).

Productivity By Country

Top 5 Countries With The Highest Productivity

The most productive countries have workers with many skills, good infrastructure, and easy access to resources. They often have low tax rates and little government interference in the private sector, which allows companies in these countries to thrive. The top 5 countries with the highest productivity are

Luxembourg

With a GDP per person of $134,754 and a GDP per hour worked of $110.50, Luxembourg is one of the most productive countries in Europe. And it is among the top productive countries in the world when you look at both of these numbers together.

Ireland Productivity By Country

Ireland has one of the highest productivity levels in Europe and is ranked as one of the most productive countries in the world. The country’s GDP per capita is $106,456 and its GDP per hour worked is $119.1.

Singapore Productivity By Country

Singapore has a high GDP per capita of $116,487 and a high GDP per hour worked at $126.80. This makes it one of the most productive countries in the world.

Singapore’s strong economy and efficient workforce has helped it become one of Asia’s most prosperous nations in recent years.

The United States

The United States is the world’s second-largest economy, and it’s no surprise that its workers are productive. According to the World Bank, U.S. workers produce $69,288 per capita in GDP.

Moreover, the U.S. has a labor productivity rate of $79.67 per hour.

Switzerland

Switzerland has a high GDP per capita of $77,324 but only an average GDP per hour worked at $81.5, which puts it just outside our top five countries with the highest productivity levels worldwide.

The Swiss economy is one of the strongest in Europe due to its low unemployment rate (3%) and high levels of industrialization.

Countries With The Highest GDP Per Hour Worked

Country Per Hour Worked
Ireland $119.1
Luxembourg $110
Denmark $87.7
Belgium $86.8
Norway $85.6

 

Final Thoughts

Statistics may show high productivity, but many factors can impact it. It’s not about which country is the most productive. It’s about how we can all work together to be more productive.

The secret to productivity is focus; that idea doesn’t matter where you live. You can find focus in your native language or another language; you can find it with your family or alone; you can find it in a big city or a small town.

You have to start looking for it.

 

Check More Of Our Content Down Below

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