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Economics vocabulary · GDP and Growth

Productivity

Meaning in economics, with examples

/ˌprɒdʌkˈtɪvəti/nounCore term

In economics, productivity means: How much output is produced from a given amount of input, most often measured as output per worker or per hour worked.

In Turkish: verimlilik, üretkenlik

How it is used

Seen as the main source of long-term growth and higher living standards. Productivity rises, stagnates or lags behind; firms invest in technology and training to boost or improve it. Labour productivity is the most widely quoted measure.

Example sentences

  1. Productivity growth has been weak in many rich countries since the 2008 financial crisis.

  2. Better roads and ports can raise productivity by cutting the time it takes to move goods.

Common collocations

  • labour productivity
  • productivity growth
  • boost productivity
  • low productivity
  • productivity gap
  • economic growthAn increase in the amount of goods and services an economy produces over time, usually measured as the percentage change in real GDP.
  • human capitalThe knowledge, skills, health and experience of workers, seen as an asset that raises productivity and income in the same way as machines or buildings.
  • wageThe money a worker is paid for their work, especially when it is calculated by the hour, day or week.
  • GDPShort for gross domestic product: the total value of all final goods and services produced within a country in a given period, usually a quarter or a year.

More terms: GDP and Growth

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This page explains English vocabulary for learners. It is not financial advice.