The current productivity slowdown has stimulated research on the causes of growth. We investigate here the proximate determinants of long-term growth in Spain. Over the last 170 years, output per hour worked raised nearly 24-fold dominating gross domestic product (GDP) growth, while hours worked per person shrank by one-fourth and population trebled. Half of labour productivity growth resulted from capital deepening, one-third from total factor productivity (TFP) and labour quality contributed the rest. In phases of acceleration (the 1920s and 1954–1985), TFP was labour productivity's main driver complemented by capital deepening. Since Spain's accession to the European Union (1985), labour productivity has sharply decelerated as capital deepening slowed down and TFP stagnated. Up to the Global Financial Crisis (2008) GDP growth mainly resulted from an increase in hours worked per person and, to a less extent, from sluggish labour productivity coming mostly from weak capital deepening. Institutional constraints help explain the labour productivity slowdown.

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增长的核算：西班牙，1850-2019

当前的生产力放缓刺激了对增长原因的研究。我们在这里调查了西班牙长期增长的直接决定因素。在过去的 170 年中，每小时工作产出提高了近 24 倍，主导了国内生产总值 (GDP) 的增长，而人均工作时间减少了四分之一，人口增加了两倍。劳动生产率增长的一半来自资本深化，三分之一来自全要素生产率（TFP）和劳动力质量贡献了其余部分。在加速阶段（1920 年代和 1954-1985 年），全要素生产率是劳动生产率的主要驱动力，辅以资本深化。自西班牙加入欧盟（1985 年）以来，随着资本深化放缓和 TFP 停滞，劳动生产率急剧下降。在全球金融危机（2008 年）之前，GDP 增长主要是由于人均工作时间的增加，在较小程度上是由于主要由于资本深化疲软导致的劳动生产率低迷。制度约束有助于解释劳动生产率放缓。