US beats old EU states on productivity
Another year of poor productivity growth sealed a decade of underperformance by leading European economies that are falling further and further behind the US, the world's most authoritative guide to productivity shows today.Figures for 2005 produced by the Conference Board, the global business organisation, report productivity growth in the 15 old members of the European Union of only 0.5 per cent, compared with 1.8 per cent in the US and 1.9 per cent in Japan. In contrast, productivity in the 10 new members, mostly in eastern Europe, grew rapidly in 2005, rising by 6.2 per cent as they took advantage of EU membership to increase both the hours worked in their economies and the value of the output of every worker.
Annual growth in national output for every hour worked in the EU 15 (old EU) averaged 1.4 per cent between 1995 and 2005, compared with 2.4 per cent in the US.
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