Performance Indicator 2: Productivity
Where BC Ranks, Provincial Comparison |
|
| Year |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
|
Rank |
5 |
5 |
5 |
5 |
6 |
6 |
6 |
6 |
6 |
6 |
|
Performance Indicator Two tracks the inflation-adjusted value of Gross Domestic Product per hour worked in the business sector of the economy.
BC achieved a sixth-place ranking in
productivity among the provinces in 2008.
Alberta held the first-place rank through all
but the last year of the 1999 to 2008 period.
Newfoundland and Labrador took the top
rank in 2008.
Why It's Important
In its simplest terms, productivity and productivity growth determine how much a jurisdiction can produce and consume given finite resources. For a business,
surviving in competitive markets means being as productive as possible; that is, producing as much output per unit of capital and labour as possible. For an
individual worker, productivity levels ultimately determine the wage they can demand in a market. And at a broad societal level productivity growth holds the key to
funding critical public services such as infrastructure, health care, education and other social services that are fundamental to a high quality of life.
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