﻿[ 6] Candidate explanations for this include reduced innovation, increased regulation, slower adoption of innovation, reduced business dynamism and reduced competition. ﻿[ 7] The trend has been obscured lately by the effects of the pandemic. As best as we can tell, though, this slow productivity performance has continued below the surface.
Graph 5  Labour Productivity* March 1993 = 100, log scale, quarterly index  1993–2002  2003–2014  2015–2022  0.9%  140  1.2%  index 140  120  120 2.4%  100  100  80  1997  2002  2007  2012  2017  80 2022  *  GDP per hour worked; black lines denote linear trend; labels show average annual growth.