Russians named the most inefficient workers in Europe

The Organization for Economic Cooperation and Development (OECD) has recognized Russians as the most inefficient workers in Europe. In terms of labor productivity (the share of GDP — gross domestic product — per one hour of working time), Russia was in last place among European countries with an 25,9 dollar indicator.

At the same time, Russians spend at work on average 1982 hours per year - this is the second indicator in Europe. More time for work is spent only by the Greeks - 2034 hours per year. The share of GDP per hour of working time in Greece is 36,2 dollar.

On average, in the euro area, citizens spend at work 1557 hours per year. The performance of their labor OECD estimated in 55,9 dollars per hour. In the European Union, this figure is 50 dollars.

Americans, on average, spend 1790 hours per year. The performance of their labor - 67,4 dollars per hour.

The agency Bloomberg notes that Alfa-Bank analysts in their recent report mentioned low labor productivity and unfavorable demographic situation among the factors constraining economic growth in Russia. In the long run, the bank estimated Russian GDP growth at 0,5 – 1 per cent per annum.

The International Monetary Fund in its report dated August 3 predicted a weak recovery of the Russian economy in 2016 <...> In the medium term, according to the fund's estimates, growth will amount to one and a half percent per year

At the end of July, the Minister of Economic Development of Russia, Alexei Ulyukayev, stated that “the situation in the Russian economy is beginning to improve.” According to him, in 2016, GDP growth will exceed two percent.