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One year after a national lament over low labour yields, Singapore has notched up one of the world's highest productivity growth rates in 2010, second only to Qatar.
Latest figures from The Conference Board (TCB) put Singapore's 2010 productivity growth at an estimated 12.7 per cent - thanks largely to its blistering near-15 per cent GDP rebound in the year.
Of the 123 countries covered in the TCB report, Qatar is the only other economy with a double-digit productivity surge in 2010, estimated at 13.8 per cent.
Qatar and Singapore also happen have been the world's fastest-growing economies last year. The oil-rich Middle Eastern country clocked 19 per cent GDP growth in 2010, about twice as fast as in 2009. The next highest productivity gains in 2010, according to TCB data, come from China (8.7 per cent), Estonia (8.3 per cent) and Taiwan (8.2 per cent). Global productivity growth last year is estimated at 3.3 per cent - close to the United States' 3.4 per cent pace and well above Western /Northern Europe's 2.2 per cent average.

'Global productivity growth may moderate slightly in 2011 as cyclical effects abate.'
- The Conference Board

According to TCB analyses, Singapore's labour productivity last year - measured in terms of GDP per person employed - is 97.6 per cent of the US level in 2010.

At least five other economies, including the US, have higher productivity levels than Singapore. Qatar is again well ahead of other countries - its labour productivity in 2010 was about 156 per cent of the US benchmark. Next is Luxembourg (about 120 per cent of the US level), followed by Norway (104.5 per cent) and Ireland (98.5 per cent).
According to TCB, the world economy returned to solid productivity growth in 2010 as GDP in most countries recovered strongly from the 2008/09 financial and economic crisis while employment lagged behind. The future trend, however, remains unclear, it says.
While advanced economies are out of recession, emerging economies continue to drive both global growth and global productivity growth, it notes.
'The US economy remained on a higher productivity growth path than Europe in 2010, but their productivity growth rates may converge, at least temporarily, in 2011 as US employment picks up momentum. Global productivity growth may moderate slightly in 2011 as cyclical effects abate.'
The TCB analyses also track productivity in terms of GDP per hour worked, but mainly for the OECD economies.
Luxembourg, Norway, Netherlands, US and Belgium are the top five in the 'labour productivity per hour' rankings.
In any case, the TCB productivity figures are simply the latest evidence of the statistical hinge between GDP and productivity, given the arithmetic link between the two, with productivity conventionally defined as 'output per unit of input'. As American labour economist Edward Lazear put it in a BT interview last September, GDP is the dog that wags the productivity tail.

Last year at this time, Singapore put labour productivity on the national agenda, with a mission to raise the economy's flagging productivity pace to an average 2-3 per cent growth over 10 years.

After three years of negative numbers in 2007, 2008 and 2009, productivity seemed to shoot up overnight, with growth averaging 14-15 per cent in the first two quarters of 2010. But it was clear that the surge was driven by the robust GDP rebound in those two quarters, as the Q3 pace slipped back down to 6 per cent, in tandem with the moderation in GDP growth.