Growth in Labour Productivity and Monthly Earnings of Residents from 2016 to First Half of 2024

Mr Patrick Tay Teck Guan asked the Deputy Prime Minister and Minister for Trade and Industry in each year from 2016 to 2023 and for the first half of 2024 on a quarter-on-quarter seasonally-adjusted basis, in nominal terms (a) what is the growth in labour productivity of the overall economy excluding construction and other services industries as measured by (i) value-added per worker and (ii) value-added per actual hours worked; and (b) what is the growth in the average (i) monthly earnings of residents and (ii) gross monthly income among full-time employed residents including CPF contributions by employers.

Data on (a) nominal labour productivity growth for the overall economy excluding construction and other services industries1, and (b) nominal monthly earnings and income growth for residents are in Figure 1 and Figure 2 below, respectively2.