In the 1980s, total factor productivity grew on average by 1.6%, before declining to 1.1% in the 1990s and 0.7% between 1999 and 2007. 7 Those countries that have managed to exploit the efficiency gains generated, in particular, by new technology have enjoyed stronger labour productivity growth.
For instance, in the last ten years, investment in information and communication technology in the United States has doubled that of the euro area. 8 There are many factors behind the decline in total factor productivity growth.