Improving economic productivity by mastering data

摘要

The application of international standards to data is leading to increased efficiencies in the oil and gas sector. It is argued that productivity is the most important driver of a country's prosperity and with it, tax revenues and personal incomes. According to the Office for National Statistics, the executive office for the U.K.'s Statistics Authority, international comparisons of productivity show the U.K.'s productivity is only ranked fifth among the Group of Seven countries. Since 2007 only Italy has seen weaker productivity growth. The persistent weakness in productivity has puzzled economists, and some believe one cause is falling productivity in the oil and gas sector.