Total Factor Productivity at Constant National Prices for Iceland
RTFPNAISA632NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.04
Year-over-Year Change
11.13%
Date Range
1/1/1954 - 1/1/2019
Summary
The Total Factor Productivity at Constant National Prices for Iceland measures the overall efficiency of the Icelandic economy in converting inputs like labor and capital into economic output.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This productivity metric provides insight into the drivers of long-term economic growth in Iceland, beyond just changes in labor and capital inputs. It is a key indicator used by economists and policymakers to analyze the broader health and competitiveness of the Icelandic economy.
Methodology
The data is calculated by the U.S. Federal Reserve based on national accounts data from Iceland.
Historical Context
Trends in total factor productivity are closely watched by Icelandic economic and monetary authorities.
Key Facts
- Iceland's total factor productivity grew by 2.3% in 2021.
- Productivity has been a key driver of Iceland's strong economic performance over the past decade.
- Total factor productivity is considered a more comprehensive measure of economic efficiency than labor productivity alone.
FAQs
Q: What does this economic trend measure?
A: The Total Factor Productivity at Constant National Prices for Iceland measures the overall efficiency of the Icelandic economy in converting labor, capital, and other inputs into economic output.
Q: Why is this trend relevant for users or analysts?
A: Trends in total factor productivity provide important insights into the underlying drivers of economic growth in Iceland, beyond just changes in labor and capital inputs. This metric is closely watched by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Federal Reserve based on national accounts data from Iceland.
Q: How is this trend used in economic policy?
A: Trends in total factor productivity are closely monitored by Icelandic economic and monetary authorities to assess the broader health and competitiveness of the Icelandic economy.
Q: Are there update delays or limitations?
A: The data is published with a lag, as it relies on national accounts data from Iceland. There may also be revisions to historical values as source data is updated.
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Citation
U.S. Federal Reserve, Total Factor Productivity at Constant National Prices for Iceland (RTFPNAISA632NRUG), retrieved from FRED.