Southern Europeans are not lazy!
This chart below, courtesy of Société Générale (via Business Insider – Clusterstock) shows the gaps in labor utilization and labor productivity eurozone members need to make up in order to reach U.S. GDP per capita. The labor utilization number measures hours worked, while the labor productivity rate measures what’s produced.
“According to this chart, Portugal and Greece are actually working more than enough (negative numbers) while Germany and France need to work more (positive numbers) to make up the GDP per capita gap with the U.S. What this shows is that France and Germany work way more efficiently than Greece or Portugal, but don’t actually work more hours. So it may not be laziness dragging Greece and Portugal down, but instead costs and other inefficiencies,” said the report.
Very interesting indeed!
Source: Business Insider – Clusterstock, January 18, 2011.
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