The Impact of Covid-19 on Productivity

Nicholas Bloom, Philip Bunn, Paul Mizen, Pawel Smietanka and Gregory Thwaites
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Philip Bunn: Bank of England
Pawel Smietanka: Deutsche Bundesbank
Gregory Thwaites: University of Nottingham

The Review of Economics and Statistics, 2025, vol. 107, issue 1, 28-41

Abstract: We analyze 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 that total factor productivity (TFP) fell by up to 6% during 2020–2021. 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.

Date: 2025
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https://doi.org/10.1162/rest_a_01298
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Related works:
Working Paper: The impact of Covid-19 on productivity (2023)
Working Paper: The impact of Covid-19 on productivity (2023)
Working Paper: The impact of Covid-19 on productivity (2022)
Working Paper: The impact of COVID-19 on productivity (2022)
Working Paper: The Impact of Covid-19 on Productivity (2020)
Working Paper: The impact of Covid-19 on productivity (2020)
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