Report
What accounts for the difference between productivity gains in the United States and the euro zone?
Labour productivity has been growing significantly faster in the United States than in the euro zone since the mid-1990s. The difference between productivity gains in the United States and in the euro zone may be the result of: The ageing of the working-age population in the euro zone; Greater investment in new technologies in the United States; Higher R&D spending in the United States; Faster capital accumulation in the United States. By comparing OECD countries, we show that these four determinants of productivity gains are very significant, and we estimate their overall effect on the difference between productivity gains in the United States and the euro zone. The overall effect between 2002 and 2022 is 1.0% per year, which should be compared with the difference between average productivity gains over this period in the United States and the euro zone, which is 1.3% per year.
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