Korea - Services, etc., value added (% of GDP)

Services, etc., value added (% of GDP) in Korea was 59.24 as of 2016. Its highest value over the past 56 years was 61.21 in 2008, while its lowest value was 31.65 in 1964.

Definition: Services correspond to ISIC divisions 50-99 and they include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. 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 industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Note: For VAB countries, gross value added at factor cost is used as the denominator.

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

See also:

Year Value
1960 42.65
1961 40.47
1962 41.95
1963 35.74
1964 31.65
1965 36.21
1966 39.09
1967 42.76
1968 43.40
1969 43.52
1970 44.26
1971 45.36
1972 45.04
1973 44.07
1974 45.01
1975 44.07
1976 44.09
1977 44.42
1978 44.31
1979 44.41
1980 48.66
1981 48.77
1982 49.48
1983 49.16
1984 48.74
1985 49.74
1986 50.30
1987 50.41
1988 49.95
1989 51.42
1990 51.93
1991 52.28
1992 53.87
1993 54.39
1994 54.51
1995 54.61
1996 55.90
1997 56.41
1998 57.27
1999 57.41
2000 57.51
2001 59.05
2002 59.86
2003 59.88
2004 58.51
2005 59.36
2006 60.15
2007 60.28
2008 61.21
2009 60.73
2010 59.26
2011 59.10
2012 59.47
2013 59.25
2014 59.61
2015 59.38
2016 59.24

Limitations and Exceptions: In the services industry the many self-employed workers and one-person businesses are sometimes difficult to locate, and they have little incentive to respond to surveys, let alone to report their full earnings. Compounding these problems are the many forms of economic activity that go unrecorded, including the work that women and children do for little or no pay.

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