During the period 2012 to 2022, the Gross Value Added (GVA) in real terms grew by an annual average of 2.2%. During the same period, the real output of the Manufacturing sector increased by 0.7% annually and that of Export Oriented Enterprises (EOE) decreased at an annual rate of 2.3%.
During the period 2012 to 2022, capital input grew at an average annual rate of 2.5% for the total economy whereas declines of 2.8% and 1.8% were recorded in Manufacturing and EOE respectively. Capital productivity defined as the ratio of output to capital input, fell by 0.3% annually for the economy during the period 2012 to 2022. During the same period, an annual increase of 3.6% was registered in capital productivity for Manufacturing sector whilst that of EOE witnessed an annual average fall of 0.5%.
Capital productivity for the whole economy rose by 7.6% in 2022 after the growth of 2.3% in 2021. For the Manufacturing sector, it moved up by 11.1% in 2022 after increasing by 12.1% in 2021. For EOE, it increased by 14.8% in 2022 after rising by 11.8% in 2021.
From 2012 to 2022, average compensation of employees increased by an average of 5.0% annually for the whole economy and by 4.0% for Manufacturing sector and 3.8% for EOE. ULC defined as the remuneration of labour (compensation of employees) per unit of output, grew at an average annual rate of 3.0% for the total economy, 1.5% for Manufacturing sector and 1.8% for EOE, as a result of higher growths in average compensation of employees compared to labour productivity.
Prod_Comp_Yr12-Yr22_040823