Total Factor Productivity. 2023

The contribution of total factor productivity (TFP) to GDP decreased 0.2 points in 2023, after the increases in 2021 and 2022 (2.5 and 4.2 points, respectively). Therefore, the GDP growth in 2023 (of 2.6%) mainly reflects the contribution of production factors (2.8 points), with 2.1 points from the labour factor and 0.6 points from the capital factor. Both factors increased their contribution to GDP growth compared to 2022.

From a complementary perspective, this TFP dynamics reflect the decrease in apparent labour productivity (−1.3%) in conjunction with a decrease in the capital stock per worker (−2.4%). The capital stock per worker fell as a result of the stronger recovery of the labour factor than the capital factor.

It is also worth noting the revision of data from previous years, with significant changes regarding the recovery of the TFP decrease during the health crisis. In 2022, the Catalan economy would have recovered the levels of activity and almost the levels of the TFP of the year 2019.