Korea - Industry, value added (% of GDP)

Industry, value added (% of GDP) in Korea was 32.58 as of 2020. Its highest value over the past 60 years was 37.15 in 1991, while its lowest value was 17.33 in 1960.

Definition: Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1960 17.33
1961 17.89
1962 17.88
1963 18.07
1964 19.34
1965 23.28
1966 23.06
1967 23.34
1968 24.07
1969 24.60
1970 24.80
1971 23.33
1972 24.88
1973 27.62
1974 26.61
1975 26.69
1976 27.64
1977 28.46
1978 30.21
1979 31.56
1980 32.08
1981 31.27
1982 31.68
1983 32.98
1984 34.51
1985 33.95
1986 34.87
1987 35.95
1988 36.59
1989 36.17
1990 36.32
1991 37.15
1992 35.88
1993 36.21
1994 36.24
1995 36.49
1996 35.45
1997 35.40
1998 35.31
1999 34.67
2000 34.76
2001 33.22
2002 32.81
2003 33.11
2004 34.73
2005 34.15
2006 33.52
2007 33.45
2008 32.51
2009 32.91
2010 34.12
2011 34.45
2012 34.13
2013 34.45
2014 34.09
2015 34.15
2016 34.30
2017 34.77
2018 34.05
2019 32.68
2020 32.58

Limitations and Exceptions: Ideally, industrial output should be measured through regular censuses and surveys of firms. But in most developing countries such surveys are infrequent, so earlier survey results must be extrapolated using an appropriate indicator. The choice of sampling unit, which may be the enterprise (where responses may be based on financial records) or the establishment (where production units may be recorded separately), also affects the quality of the data. Moreover, much industrial production is organized in unincorporated or owner-operated ventures that are not captured by surveys aimed at the formal sector. Even in large industries, where regular surveys are more likely, evasion of excise and other taxes and nondisclosure of income lower the estimates of value added. Such problems become more acute as countries move from state control of industry to private enterprise, because new firms and growing numbers of established firms fail to report. In accordance with the System of National Accounts, output should include all such unreported activity as well as the value of illegal activities and other unrecorded, informal, or small-scale operations. Data on these activities need to be collected using techniques other than conventional surveys of firms.

Statistical Concept and Methodology: Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production. The United Nations System of National Accounts calls for value added to be valued at either basic prices (excluding net taxes on products) or producer prices (including net taxes on products paid by producers but excluding sales or value added taxes). Both valuations exclude transport charges that are invoiced separately by producers. Total GDP is measured at purchaser prices. Value added by industry is normally measured at basic prices.

Aggregation method: Weighted average

Periodicity: Annual

General Comments: Note: Data for OECD countries are based on ISIC, revision 4.

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts