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Korea's labor productivity gains 1.4 pct in 2019

All News 14:06 May 06, 2020

SEOUL, May 6 (Yonhap) -- South Korea's labor productivity edged up from a year ago in 2019 as its added value grew at a faster pace than labor input, data showed Wednesday.

The country's labor productivity index came to 110 last year, up 1.4 percent from a year earlier, according to the data compiled by the Korea Productivity Center (KPC).

The index refers to added value and output with the amount of labor allocated for production. A higher number shows better productivity.

The KPC said labor productivity in Asia's fourth-largest economy gathered ground last year, as the increase in added value outpaced the gain in labor output.

The country's total added value added 1.9 percent on-year, while the amount of labor input inched up 0.5 percent.

The 2019 growth rate of added value was from a 2.7 percent expansion the previous year, as private consumption and exports grew at slower paces amid decreased construction and facility investments, the center said.

By segment, the manufacturing sector registered an index of 116.6 last year, up 2.7 percent from the prior year. The service-sector index climbed 1.4 percent on-year to 108.8.

The KPC forecast South Korea's added value and employment will decline from a year earlier in 2020 due to the coronavirus pandemic that has wreaked havoc on global economic activity.

Korea's labor productivity gains 1.4 pct in 2019 - 1


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