3 Productivity: value creation and measurement

Productivity is an expression of how efficiently and effective goods and services (i.e. goods and services which are demanded by users) are being produced. Thus, its key characteristics are that it is expressed in physical or economic units — in quantities or values (money) — based on measurements which are made at different levels: on the level of the economy overall, that of a sector or branch of the economy, that of the enterprise and its individual plants/units and that of individuals.