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Q4 economy became less efficient – CSO statistics

Latest Central Statistics Office (CSO) productivity statistics show that total labour productivity (€97.10 per hour) declined by 2.3% in Q4 2023 compared with the previous quarter.

Labour productivity for the domestic sector (€53.80 per hour) grew slightly by 0.1% in Q4 2023, while labour productivity for the foreign sector (€381.00 per hour) fell by 0.2%.

Multi-factor productivity for the domestic sector rose by 0.2%, while foreign-sector multi-factor productivity fell by 5.6%.

Statistician Doireann O’Brien said: “Domestic productivity in Ireland remained relatively stable in October, November, and December (Q4) 2023.”

Productivity

Labour productivity measures the amount of output per hour worked in a sector, so the fall in labour productivity for the total economy in Q4 2023 indicated that the economy became less efficient compared with the previous quarter, she added.

“Multi-factor productivity (MFP) is a more detailed measure of overall productivity that considers labour, capital, and additional factors such as education, skills, organisational practices, and changes in technology.”