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S. Korea's labor productivity down 0.1 pct in Q1

All News 15:04 August 03, 2020

SEOUL, Aug. 3 (Yonhap) -- South Korea's labor productivity slightly fell in the first quarter of the year amid the virus pandemic and extended working hours, data showed Monday.

The country's labor productivity index came to 105.9 in the January-March period, down 0.1 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.

S. Korea's labor productivity down 0.1 pct in Q1 - 1

The country's total added value advanced 1.1 percent on-year on the back of increased investment in construction projects, but the growth slowed from the 1.7 percent rise the previous year.

The amount of labor input decreased 1.2 percent on-year in the first quarter, as the total number of laborers decreased while their combined working hours increased due to fewer holidays.

By segment, the manufacturing sector registered an index of 110.4 in the first quarter, up 1.9 percent from a year earlier.

The service sector index moved down 1.4 percent to 106.7, the data also showed.

colin@yna.co.kr
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