Report
The fall in productivity in the euro zone has no cyclical cause
Labour productivity in the euro zone has been stagnat ing since mid-2017, and fell in 2023. Cyclical causes are often put forward to explain the decline in productivity, in particular hiring difficulties, which may encourage companies not to lay off employees even when they experience a decline in their activity, and the importance of the rise in the employment rate of unskilled employees when the overall employment rate rises. But the decline in productivity is seen : In all business sectors; During years of high growth and years of low growth. The causes are therefore not cyclical, but structural: insufficient investment in new technologies and R&D spending, low labour force skills, negative attitudes to work, ageing of the working-age population, decline in per capita working hours.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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