The Strategist

Top-19 countries with the most productive economies

07/26/2017 - 14:22

Productivity is one of the key factors of economic success. The more productive the population of the country, the more income it can bring to employers and, consequently, the state’s economy as a whole.

A new study of Expert Market shows which countries are the most productive workers in the world. The company’s analysts analyzed the 35 largest economies. They compared GDP per capita and divided it by the number of hours worked per person. Thus, the experts determined the productivity index, which is expressed in the amount of money each worker brings to their country in one hour of work.

Places 11 through 19 were distributed as follows:

19. Israel: £ 15.95

18. Japan: £ 17.21

17. United Kingdom: £ 17.37

16. New Zealand: £ 18.07

15. France: £ 19.51

14. Canada: £ 19.72

13. Finland: £ 19.85

12. Austria: £ 21.06

11. Germany: £ 23.3

Finally, the top ten leaders:

10. Sweden: £ 23.67

Like neighboring Scandinavian countries, Sweden is known for its low crime rate and a happy population, and in general it is considered an excellent place to live. Obviously, this is what helps to increase the labor productivity.

9. Netherlands: £ 24.04

Many consider the Dutch to be leisurely and relaxed. However, this stereotype seems to be untrue, given that the Netherlands occupies the seventh place in the ranking of the most productive European countries.

8. Ireland: £ 25.44

Companies that want to leave the UK after Brexit are increasingly considering Ireland as a place to move. GDP per capita here is 47,805 pounds sterling.

7. Australia: £ 25.47

The larger neighbor of New Zealand is also more productive. For a week local workers manufacture products at 817.61 pounds sterling.

6. United States: £ 25.74

In the US, GDP per capita is 45,898 pounds sterling, while workers annually spend an average of 1,783 hours to fulfill their duties. As a result, the productivity of the United States is inferior to only five countries. This makes America the most productive English-speaking nation.

5. Iceland: £ 27.63

The country is home to only 300 thousand people, and its economy is focused mainly on the fishing industry and mining aluminum.

4. Denmark: £ 28.87

Denmark surpassed neighboring Sweden, but lost to another Scandinavian state - Norway.

3. Switzerland: £ 37.89

Switzerland is famous for the efficiency and accuracy of the timetable of trains. So it's no surprise that it boasts some of the most productive workers in the world. Local residents work an average of 1,590 hours a year.

2. Norway: £ 39.72

Efficiency of Norway's employees in monetary terms is more than twice as large as that of their counterparts from Israel, Japan and the United Kingdom.

1. Luxembourg: £ 51.8

The most productive country in the world is the tiny central European state that is home to the president of the European Commission, Jean Claude Juncker. No other state can compare with Luxembourg in productivity.