{"id":20229,"date":"2023-11-17T15:10:11","date_gmt":"2023-11-17T14:10:11","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=20229"},"modified":"2023-11-17T15:10:11","modified_gmt":"2023-11-17T14:10:11","slug":"eurozone-what-is-happening-with-productivity","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-what-is-happening-with-productivity\/","title":{"rendered":"Eurozone: what is happening with productivity?"},"content":{"rendered":"

Chart of the Week<\/h2>\n

The first estimates of eurozone activity figures for the third quarter have been published, showing a contraction in activity (GDP) of 0.1% and an increase in employment of 0.3%. If we make the plausible assumption that the number of hours worked per person was stable, this means that productivity fell by 0.4% over the quarter.<\/p>\n

After the sharp rise in productivity in Q2 2020, it had stabilized for two years, but has been falling more sharply since mid-2022. Compared with the last quarter of 2019, the cumulative increase is now just 0.8%.<\/p>\n

\"\"<\/p>\n

OUR <\/b>ANALYSIS<\/b><\/h3>\n

Productivity fell by 0.9% between Q2 2022 and Q2 2023: breaking down this figure, we see that 1.0% of this drop was due to the fall in productivity in each sector, while the reallocation of working hours absorbed part of this shock. The problem is therefore one of productivity rather than a change in the sectoral structure of the economy.<\/p>\n

With inflation decelerating, revenue growth will be lower and companies could compensate for the fall in productivity by adjusting their workforce. In the longer term, this phenomenon is also a problem, as productivity is a driver of potential growth, particularly in a context where the working-age population is diminishing in Europe.<\/p>\n

***<\/p>\n

Written on November 17, 2023. This is not an investment advice. Opinions subject to change.<\/p>\n

See also: https:\/\/latribune.lazardfreresgestion.fr\/en\/third-quarter-earnings-a-mixed-bag\/<\/a><\/p>\n

***<\/p>\n

This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"

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