Korea - Agriculture, value added (% of GDP)

Agriculture, value added (% of GDP) in Korea was 1.83 as of 2020. Its highest value over the past 60 years was 46.53 in 1964, while its lowest value was 1.67 in 2019.

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.

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

See also:

Year Value
1960 36.56
1961 38.68
1962 36.63
1963 43.10
1964 46.53
1965 37.53
1966 34.40
1967 30.21
1968 28.16
1969 27.41
1970 26.49
1971 27.14
1972 26.51
1973 24.61
1974 24.17
1975 24.49
1976 23.05
1977 21.79
1978 19.92
1979 18.54
1980 14.27
1981 15.03
1982 14.00
1983 12.63
1984 11.87
1985 11.75
1986 10.43
1987 9.31
1988 9.22
1989 8.54
1990 7.61
1991 6.82
1992 6.61
1993 5.91
1994 5.66
1995 5.33
1996 4.96
1997 4.48
1998 4.23
1999 4.25
2000 3.86
2001 3.57
2002 3.21
2003 2.96
2004 2.96
2005 2.62
2006 2.50
2007 2.28
2008 2.14
2009 2.24
2010 2.14
2011 2.21
2012 2.19
2013 2.10
2014 2.06
2015 2.00
2016 1.86
2017 1.85
2018 1.75
2019 1.67
2020 1.83

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: 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