The National Administrative Department of Statistics (Dane) made official the results for the Total Factor Productivity (TFP) for 2021 and its contribution to the added value of the economy last year. According to the entity, last year it was 0.64%.
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This, because according to Dane, the added value in volume grew 9.68% and there labor services contributed 8.22%, capital services contributed 0.83% to the growth of added value, the contribution of factors contributed 9.04% and finally total factor productivity (TFP) contributed to the growth of added value 0.64%.
Likewise, within the labor services component, it can be seen that the hours worked contributed 8.06% and the composition of work contributed 0.16% to the growth of added value.
Disaggregating capital services, it can be seen that ICT capital contributed 0.16% and non-ICT capital contributed 0.67% to the growth of added value.
FOR THE MINIMUM WAGE
The productivity figure is important because it is one of the components that are part of the formula for calculating the increase in the minimum wage.
Therefore, the director of the Dane, Juan Daniel Oviedo, clarified that “for the Permanent Salary Agreement Table, a nine-month TFP calculation was delivered, for the period January-September 2021, a period in which the economy saw significant progress, but we had not had the opportunity to recognize the services of jobs that came in largely in the last quarter”. Therefore, the data used last year was 1.19%.
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By sectors, the activity of transport, storage and communications stands out, with growth in added value of 13.76%, where TFP contributed -6.16%, labor services contributed 19.81% to the growth of added value and capital services contributed 0.11%; in construction, with an added value growth of 5.56%, TFP contributed -3.18, labor services contributed 9.19% to the added value growth and capital services contributed -0.46%.
In manufacturing, where growth was 15.2%, total factor productivity contributed 8.51%, labor services contributed 5.41% to the growth of value added, and capital services contributed 1.29%. Likewise, the activity of commerce, hotels and restaurants had a growth of the added value at constant prices of 20.25%, where the total productivity of the factors contributed 4.66%.
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Dane also presented the results of the indicator by gender approach. When disaggregating the labor services component by gender, it can be seen that the women contributed -1.77%, while men contributed -2.63% to the growth of production.
BRIEFCASE
