Productivity South Africa estimates that multi-factor productivity (MFP) has grown at average of 4% per year since 2000. Unit labour cost (ULC), on the other hand, has been comparably stable over this period, though it declined between 2020 and 2022.
Footnote
MFP is measured as the amount of output produced by combining labour
and capital, and ULC is measured as total compensation of employees per unit of output.
