Q2 Overall Industry Labor Productivity Up 2.8% Year-on-Year

Korea Productivity Center Announces Labor Productivity Trends for Q2 2021

[Asia Economy Reporter Kim Cheol-hyun] The labor productivity index (based on value added) across all industries in the second quarter of this year showed an increase compared to the same period last year. The Korea Productivity Center (KPC, Chairman An Wanki) announced this on the 27th when releasing the "2021 Second Quarter Labor Productivity Trends."

The labor productivity index for all industries rose by 2.8% year-on-year to 111.5. While value added increased by 6.5%, labor input also rose by 3.6%, resulting in higher labor productivity compared to the second quarter of last year. Although construction investment decreased compared to the previous year, value added increased by 6.5% due to a rebound in private consumption and export growth rates, as well as increases in facility investment and government consumption. Labor input increased by 3.6% year-on-year as both the number of workers and working hours rebounded.

The manufacturing sector's labor productivity index increased by 7.0% year-on-year to 119.3. Value added rose by 13.5%, and labor input increased by 6.1% as both the number of workers and working hours increased.

The service sector's labor productivity index rose by 1.7% year-on-year to 110.4. Value added increased by 4.6%, and labor input grew by 2.9% as both the number of workers and working hours increased.

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