Last Year, Total Industry Labor Productivity Increased by 2.0% Compared to Previous Year

Korea Productivity Center Announces 2020 Labor Productivity Trends

[Asia Economy Reporter Kim Cheol-hyun] Last year, South Korea's overall industrial labor productivity index (based on value added) increased by 2.0% compared to the previous year. The Korea Productivity Center (KPC, Chairman An Wanki) announced on the 29th the '2020 Labor Productivity Trends' report, which includes this information.

The overall industrial labor productivity index was recorded at 109.8, a 2.0% increase from the previous year. Value added and labor input both decreased by 1.3% and 3.2%, respectively, resulting in an increase in labor productivity compared to 2019. Although facility investment and government consumption increased compared to the previous year, value added declined due to decreases in private consumption, exports, and construction investment. Labor input decreased compared to 2019 as both the number of workers and working hours declined.

The manufacturing labor productivity index increased by 3.3% from the previous year to 117.2. Value added decreased by 0.9%, and labor input decreased by 4.1% due to simultaneous declines in the number of workers and working hours.

The service industry labor productivity index rose by 1.6% from the previous year to 108.7. Value added decreased by 1.7%, and labor input declined by 3.2% as both the number of workers and working hours decreased.

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