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The Impact of Covid-19 on Productivity

Bloom, Nicholas; Bunn, Philip; Mizen, Paul; Smietanka, Pawel; Thwaites, Gregory


Nicholas Bloom

Philip Bunn

Paul Mizen

Pawel Smietanka


We analyse the impact of Covid-19 on productivity using data from an innovative monthly firm survey that asks for quantitative impacts of Covid-19 on inputs and outputs. We find total factor productivity (TFP) fell by up to 6% during 2020-21. The overall impact combined large reductions in 'within-firm' productivity, with offsetting positive 'between-firm' effects as less productive sectors, and less productive firms within them, contracted. Despite these large pandemic effects, firms' post-Covid forecasts imply surprisingly little lasting impact on aggregate TFP. We also see significant heterogeneity over firms and sectors, with the greatest impacts in those requiring extensive in-person activity.

Journal Article Type Article
Acceptance Date Dec 19, 2022
Deposit Date Jan 5, 2023
Print ISSN 0034-6535
Electronic ISSN 1530-9142
Peer Reviewed Peer Reviewed
Public URL

This file is under embargo due to copyright reasons.

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