Total Factor Productivity. 2022

The contribution of total factor productivity (TFP) to the growth of the Catalan economy was 3.2 points in 2022. Thus, the increase in GDP in 2022 (5.4%) mainly reflects the favourable contribution of TFP and, to a lesser extent, of production factors (2.2 points). The contribution of the labour factor (1.9 points) outweighs the contribution of the capital factor (0.2 points).

Compared with 2021, the labour factor, which reflects the evolution of full-time equivalent jobs, increases by 3.5%, while the capital factor grows by 0.5%.

From a complementary perspective, these TFP dynamics reflect the improvement in apparent labour productivity (1.9%) in conjunction with a decline in stock of capital per worker (−3.0%). The stock of capital per worker declines as a result of the stronger recovery of the labour market rather than the capital factor.

Over the period 2020-2022, TFP has an average contribution of −0.6 points, in line with the average decline in GDP (−0.4%). The contribution of the labour factor is negative (−0.1 points), while that of the capital stock remains positive (0.2 points).