Flat growth in labour productivity last year; improvement from the decline in 2012
Labour productivity growth was flat last year, an improvement from the decline of 2.0 per cent in 2012
In its latest economic survey of Singapore, the Trade and Industry Ministry, MTI, says productivity also grew by 1.4 per cent in the fourth quarter last year.
Speaking to reporters this morning, the ministry's Permanent Secretary, Ow Foong Pheng, says she's encouraged.
"In terms of productivity, it's an improvement over negative from previous years. We see this as an encouraging sign that there's an uptake in productivity measures. It takes awhile for businesses to restructure to take on and implement the various productivity initiatives but we see encouraging signs of improvement."
Manufacturing and services have experienced positive growth of 6.1 and 1.9 per cent respectively.
But productivity in the construction sector continued to decline for the sixth consecutive quarter, with a negative growth of 3.3 per cent.
Within the services sector, the Finance and Insurance industry recorded the highest growth in labour productivity of 7.1 per cent.
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