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Hungary has the 9th-highest growth rate for the GDP per hour worked
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New research has revealed Hungary has the 9th best average GDP per hour worked in the OECD.
The study, from job-search experts Lensa, found that the productivity of countries has seen steady growth over the last few decades, with GDP per hour worked has increased almost across the globe.
GDP per hour worked is a measure of labour productivity. It measures how efficiently labour input is combined with other factors of production. Looking at the average annual GDP for each OECD country from 1995-2021, the report determined the locations which have seen the highest growth rate per hour worked.
The top 10 countries with the largest GDP difference per hour worked:
|
Rank |
Country |
Average GDP Growth 1995-2021 (per hour worked) |
|
1 |
Latvia |
4.63% |
|
2 |
Ireland |
4.37% |
|
3 |
South Korea |
4.27% |
|
4 |
Lithuania |
4.21% |
|
5 |
Poland |
3.80% |
|
6 |
Slovakia |
3.67% |
|
7 |
Turkey |
3.44% |
|
8 |
Chile |
3.00% |
|
9 |
Hungary |
2.88% |
|
10 |
Czech Republic |
2.55% |
The country with the best average GDP per hour worked is Latvia, with a 4.63% increase from 1995 to 2021. This indicates that the Latvian economy has had steady growth, as well as highlighting the efficiency and productivity of its workers. Additionally, stimulating growth in the economy can also create more opportunities for workers.
Question. Are these numbers adjusted for inflation and exchange rate influences?
Those two factors have tremendous potential to distort outcomes….