Total Factor Productivity. 2025

In 2025, the Total Factor Productivity (TFP) contributed with 1.0 points to GDP growth. Therefore, the GDP growth in 2025 of 2.7% reflects both the contribution of production factors of 1.7 points (with 0.9 points from the labour factor and 0.8 points from the capital factor) and productivity, also of 1.0 points.

From a complementary perspective, this TFP dynamics in 2025 reflect the improvement in apparent labour productivity (1.2%, per hour worked), that has occurred in parallel with the increase in the capital stock per worker (0.3%).

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.