Korea - Agriculture, value added (constant 2010 US$)

The latest value for Agriculture, value added (constant 2010 US$) in Korea was 28,337,610,000 as of 2020. Over the past 60 years, the value for this indicator has fluctuated between 29,503,410,000 in 2019 and 7,085,043,000 in 1960.

Definition: Agriculture corresponds to ISIC divisions 1-5 and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production. 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. Data are in constant 2010 U.S. dollars.

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

See also:

Year Value
1960 7,085,043,000
1961 8,141,041,000
1962 7,625,463,000
1963 8,355,070,000
1964 9,690,074,000
1965 9,804,824,000
1966 10,673,310,000
1967 10,133,160,000
1968 10,145,540,000
1969 11,063,450,000
1970 10,984,500,000
1971 11,591,220,000
1972 11,941,840,000
1973 12,729,170,000
1974 13,531,710,000
1975 14,249,390,000
1976 15,526,040,000
1977 15,997,770,000
1978 14,414,880,000
1979 16,061,870,000
1980 13,468,680,000
1981 15,587,750,000
1982 16,805,710,000
1983 18,371,270,000
1984 17,892,290,000
1985 18,955,630,000
1986 19,945,850,000
1987 19,079,750,000
1988 20,873,130,000
1989 20,844,220,000
1990 19,670,030,000
1991 20,297,620,000
1992 22,119,290,000
1993 21,185,910,000
1994 21,210,930,000
1995 22,657,940,000
1996 23,539,160,000
1997 24,553,960,000
1998 22,697,110,000
1999 23,860,250,000
2000 23,930,800,000
2001 24,028,480,000
2002 23,303,210,000
2003 21,869,990,000
2004 23,552,510,000
2005 23,687,510,000
2006 24,235,180,000
2007 25,445,350,000
2008 27,083,670,000
2009 28,338,670,000
2010 27,306,190,000
2011 27,026,480,000
2012 26,892,540,000
2013 28,021,470,000
2014 29,445,410,000
2015 29,372,740,000
2016 27,717,800,000
2017 28,342,470,000
2018 28,386,140,000
2019 29,503,410,000
2020 28,337,610,000

Development Relevance: An economy's growth is measured by the change in the volume of its output or in the real incomes of its residents. The 2008 United Nations System of National Accounts (2008 SNA) offers three plausible indicators for calculating growth: the volume of gross domestic product (GDP), real gross domestic income, and real gross national income. The volume of GDP is the sum of value added, measured at constant prices, by households, government, and industries operating in the economy. GDP accounts for all domestic production, regardless of whether the income accrues to domestic or foreign institutions.

Limitations and Exceptions: Among the difficulties faced by compilers of national accounts is the extent of unreported economic activity in the informal or secondary economy. In developing countries a large share of agricultural output is either not exchanged (because it is consumed within the household) or not exchanged for money. Agricultural production often must be estimated indirectly, using a combination of methods involving estimates of inputs, yields, and area under cultivation. This approach sometimes leads to crude approximations that can differ from the true values over time and across crops for reasons other than climate conditions or farming techniques. Similarly, agricultural inputs that cannot easily be allocated to specific outputs are frequently "netted out" using equally crude and ad hoc approximations.

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: Gap-filled total

Base Period: 2010

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