Last Year, Total Industry Labor Productivity Index Increased by 3.8% Compared to Previous Year
Korea Productivity Center Announces 2021 Labor Productivity Trend Results
[Asia Economy Reporter Kim Cheol-hyun] Last year, labor productivity across all industries increased as both value added and labor input rebounded compared to 2020 in the manufacturing and service sectors. The Korea Productivity Center (KPC, Chairman An Wanki) announced this on the 30th by releasing the "2021 Labor Productivity Trends (2015=100)".
The labor productivity index for all industries (based on value added) rose 3.8% from the previous year to 113.3. This was due to an increase in value added alongside a rise in labor input. Although construction investment decreased compared to 2020, value added increased by 4.2% as private consumption and exports rebounded and government consumption and facility investment continued to grow. Regarding labor input, working hours decreased, but the number of workers increased more significantly, resulting in a 0.4% increase compared to the previous year.
The manufacturing labor productivity index increased by 5.8% from the previous year to 123.2. Value added rose by 6.6%, and labor input increased by 0.8% due to longer working hours despite a decrease in the number of workers. By major industry, labor productivity in computers, electronics, and optical equipment increased by 10.8% compared to the previous year. Labor productivity in chemicals and chemical products rose by 3.2%, and machinery and equipment increased by 8.2%.
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The service sector labor productivity index rose 3.4% from the previous year to 112.1. This was the result of value added and labor input increasing by 3.7% and 0.3%, respectively. By industry, labor productivity in wholesale and retail trade increased by 5.4% compared to the previous year. Professional, scientific, and technical services saw a 0.9% decrease in labor productivity, while accommodation and food services increased by 5.7%.
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