Ministry of Trade and Industry of the Republic of Singapore
Ministry of Trade and Industry of the Republic of Singapore
10/09/2024 | Press release | Distributed by Public on 11/09/2024 01:50
Written reply to PQ on Growth in Labour Productivity and Monthly Earnings of Residents from 2016 to First Half of 2024
Question
Mr Patrick Tay Teck Guan:To ask 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.
Written Answer by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong Minister for Trade and Industry Gan Kim Yong
1. Data on (a) nominal labour productivity growth for the overall economy excluding construction and other services industries[1], and (b) nominal monthly earnings and income growth for residents are in Figure 1and Figure 2, respectively.[2]
Figure 1: Year-on-Year Growth in Nominal Labour Productivity for the Overall
Economy Excluding Construction and Other Services Industries
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
1Q 2024 |
2Q 2024 |
|
|
Value-added per Worker |
3.9% |
8.2% |
6.7% |
-0.5% |
-2.4% |
23.5% |
14.9% |
-6.5% |
6.1% |
7.7% |
|
Value-added per Actual Hour Worked |
5.1% |
9.0% |
8.3% |
-1.8% |
0.2% |
21.1% |
15.4% |
-4.9% |
8.2% |
10.4% |
Figure 2: Year-on-Year Growth in Nominal Average Monthly Earnings and
Nomical Mean Gross Monthly Income from Employment
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
1Q 2024 |
2Q 2024 |
|
|
3.7% |
3.1% |
3.5% |
2.6% |
1.4% |
3.6% |
6.8% |
5.3% |
6.4% |
4.1% |
|
|
Mean Gross Monthly Income from Employment[4] |
2.1% |
4.7% |
2.4% |
3.5% |
-1.4% |
2.7% |
7.9% |
1.3% |
7.4% |
6.6%[5] |
[1] Other Services Industries consists of the following sectors: (a) Public Administration & Defence, (b) Education, (c) Health & Social Services, (d) Arts, Entertainment & Recreation, and (e) Other Services - Others.
[2] For both sets of data, year-on-year growth rates are provided as quarter-on-quarter seasonally-adjusted growth rates are not available.
[3]Average Monthly Earnings refers to all remuneration received before deduction of employee CPF contributions and personal income tax. It includes bonuses but excludes employer CPF contributions. It covers both full-time and part-time resident employees.
[4]Mean Gross Monthly Income from Employment (including employer CPF contributions but excluding bonuses) among full-time employed residents covers both employees and self-employed.
[5]The Mean Gross Monthly Income from Employment figure for 2Q 2024 is preliminary.