Korea - Services, value added (% of GDP)

Services, value added (% of GDP) in Korea was 57.12 as of 2020. Its highest value over the past 60 years was 57.24 in 2019, while its lowest value was 29.85 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 or 4.

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

See also:

Year Value
1960 39.07
1961 37.49
1962 38.35
1963 33.25
1964 29.85
1965 33.79
1966 36.10
1967 39.18
1968 39.24
1969 39.30
1970 39.93
1971 41.11
1972 41.33
1973 40.40
1974 40.86
1975 39.58
1976 39.19
1977 39.34
1978 39.05
1979 39.20
1980 42.84
1981 43.04
1982 43.63
1983 43.04
1984 43.06
1985 44.21
1986 44.81
1987 45.02
1988 44.77
1989 46.31
1990 46.49
1991 47.15
1992 48.51
1993 49.12
1994 49.16
1995 49.26
1996 50.28
1997 50.76
1998 52.20
1999 51.65
2000 51.62
2001 53.08
2002 53.61
2003 53.87
2004 53.10
2005 53.88
2006 54.70
2007 55.08
2008 56.19
2009 56.00
2010 54.70
2011 54.65
2012 55.07
2013 55.21
2014 55.64
2015 55.58
2016 55.36
2017 54.85
2018 55.69
2019 57.24
2020 57.12

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. Financial intermediation services indirectly measured (FISIM) is an indirect measure of the value of financial intermediation services (i.e. output) provided but for which financial institutions do not charge explicitly as compared to explicit bank charges. Although the 1993 SNA recommends that the FISIM are allocated as intermediate and final consumption to the users, many countries still make a global (negative) adjustment to the sum of gross value added.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts