BIS Review 114/2007  3  Productivity trends in Europe Ladies and gentlemen, let me now share with you some thoughts on recent productivity trends in Europe. Notwithstanding robust employment growth in the euro area over the recent economic upswing, labour productivity data for the euro area remained very positive overall in 2006.
Notably, data confirmed a clear acceleration in labour productivity growth (per person) in 2006 to 1.4%, up from 0.7% in 2005. Against this background, some observers had made an upbeat assessment of recent labour productivity developments, arguing that the euro area was ready to embark on a period of prosperous economic growth founded on the successful implementation of structural reforms.