Abstract
This paper reports new aggregate and industry productivity series for the New Zealand economy for the period 1988 to 2002. Comparison between Australia and New Zealand shows that market sector multifactor productivity growth has been similar in both countries over the full sample period. Since 1994 average labour productivity growth has been higher in Australia, which reflects the relatively lower rate of physical capital accumulation in New Zealand after 1993. On the other hand, New Zealand's capital productivity growth has been higher than Australia's capital productivity growth since 1994, reflecting the relatively higher growth in hours worked in New Zealand.
Highlights
Productivity growth is inextricably linked to economic growth and increases in welfare
This paper produces annual aggregate and industry productivity series for the market sector of the New Zealand economy for the period 1988 to 2002, using index number techniques and industry data sourced from Statistics New Zealand (SNZ)
To form aggregate and industry productivity series for the market sector of the New Zealand economy, data are needed on the values and volumes of output, labour and capital
Summary
Productivity growth is inextricably linked to economic growth and increases in welfare. The aims of this paper are to provide aggregate and industry productivity series for the market sector of the New Zealand economy, to give an initial analysis of these series, and to compare the productivity performance of Australia and New Zealand. These series are intended as a basis for ongoing monitoring of New Zealand’s productivity performance and for use in further analyses investigating the evolution, sources and determinants of New Zealand’s productivity growth.
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