Irish workers eighth most productive in the world
Workers in Republic work harder and produce more wealth than those in the UK
A new survey shows Irish workers add an average €1,028 each a week to the nation’s wealth
Irish workers are amongst the world’s most productive, adding an average of €1,028 each a week to the nation’s wealth, a new survey shows.
The study, based on the wealth generated by 35 countries, ranks the Republic at number eight, with workers producing €53,442.71 each. They work 1,879 hours a year, so generate €28.43 each an hour.
Its biggest trading partner, the US, is two slots above it in number six. Its workers generate the equivalent of €51,310.36 each every year, but they work 1,783 hours a year, making them more productive. US people produce the equivalent of €28.77 an hour.
Workers in the UK, one of the Republic’s other big trading partners, lag far behind their Irish rivals. They work fewer hours and produce less wealth. The average British worker produces just €32,553.60 a year. British people work for 1,676 hours, meaning that they produce €19.41 an hour. The UK ranked 17th out of the 35 countries surveyed.
The survey, by comparison website Expert Market, shows that the world’s most productive people actually work relatively few hours.
Luxembourg, which is number one on the list, generates €87,664.32 per person. However, its residents spend just 1,512 hours a year at work, meaning that they produce €57.91 an hour, more than twice what Irish people generate.
Norwegians, the world’s second most productive people, according to Expert Market, work 1424 hours a year. During that time,they create €63,233.56 each, or €44.39 an hour.