Hungary has the 9th-highest growth rate for the GDP per hour worked
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.
Coming in with the second-highest growth rate for the GDP per hour worked is Ireland. Between 1995 and 2021 the GDP per hour worked has grown by 4.37% in the country, meaning their incredible productivity is driving growth in their economy.
The country with the third-highest growth rate for GDP per hour worked is South Korea, with an increase of 4.27% from 1995 to 2021. In 2021, South Korea was the 12th biggest economy in terms of GDP, just above Australia.
The research also revealed the following:
-
When it comes to the countries with the biggest increase in statutory gross monthly pay, Latvia tops the list with an average increase of 10.17% from 1998 to 2021.
-
Canada is the country with the largest difference in work-hour limits. The legal statutory hours people are allowed to work changed from 48 to 40 hours between 1996 and 2020.
-
Alaska is the US state that has had the biggest decrease in the average number of work hours per week, shrinking by 7.8% between 2020-2022.
As we wrote before, Indians, Filipinos, Indonesians flooding Hungary: premeditated population change?
Question. Are these numbers adjusted for inflation and exchange rate influences?
Those two factors have tremendous potential to distort outcomes….