The Office of National Statistics (ONS) has released some more detail in how productivity has changed since 2008 across the main sectors in the UK.
What the chart shows is that productivity across the economy has fallen in the past six years, dragged down by what the FT calls ‘Oilmen, bankers and utilities’.
It also shows that only three sectors have seen productivity growth: Transport (including aerospace, defence and space), electronics and food & drink (i.e. manufacturing sectors).
What also stands out is that Transport is the only sector across the economy that has seen consistent quarterly growth since Q1 2008. The auto industry would have seen a downturn, but aerospace has proved resilient, helping drive that growth.