Total Factor Productivity. 2024

In 2024, the Total Factor Productivity (TFP) contributed with 1.8 points to GDP growth. Therefore, the GDP growth in 2024 of 3.5% reflects both the contribution of production factors of 1.8 points (with 1.2 points from the labour factor and 0.5 points from the capital factor) and productivity, also of 1.8 points. In 2024, the increase in TFP's contribution to GDP growth was highlighted.

From a complementary perspective, this TFP dynamics in 2024 reflect the improvement in apparent labour productivity (1.3%), which occurred despite the decrease in the capital stock per worker (−1.1%). The capital stock per worker retreated as a consequence of the greater recovery of the labour factor over that of the capital factor.

GDP growth is made up of the contribution of the labour factor, that of the capital factor and that of the TFP. This last component includes the variations in production that are not explained by either the labour factor or the capital factor, such as technological improvements, changes in the organization of work, improvements in human capital or other factors related to the degree of use of production factors.