BUSINESS

Q3 marked by drop in Greek labor productivity

TAGS: Economy

The 0.92 percent contraction in the Greek economy during the third quarter of the year was marked by a reduction in labor productivity and an increase in total working hours, according to an analysis by Eurobank.

The drop in productivity, based on working hours, came to 4.42 percent on an annual basis, while the increase in working hours came to 3.50 percent, attributed to a 1.88 percent increase in the number of people employed and a 1.62 percent rise in working hours per worker.

The rise in employment is credited to the relatively good performance of the Greek tourism industry in the July-September period, while the growth in working hours per employee may be explained by the capital controls imposed, given that the increase in demand for domestic produce resulting from the problems recorded in imports led to a respective rise in output, in most cases generated by more work by the same human resources.

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