Korea - Manufacturing, value added (% of GDP)

Manufacturing, value added (% of GDP) in Korea was 24.81 as of 2020. Its highest value over the past 60 years was 28.24 in 2011, while its lowest value was 11.40 in 1960.

Definition: Manufacturing refers to industries belonging to ISIC divisions 15-37. 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. 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 11.40
1961 11.95
1962 11.70
1963 12.84
1964 14.24
1965 17.10
1966 16.70
1967 16.81
1968 17.15
1969 17.07
1970 17.36
1971 16.67
1972 18.73
1973 21.49
1974 20.86
1975 20.13
1976 21.45
1977 21.07
1978 21.14
1979 21.65
1980 21.99
1981 21.83
1982 21.84
1983 22.97
1984 24.57
1985 24.23
1986 25.45
1987 26.73
1988 27.60
1989 26.60
1990 25.02
1991 25.19
1992 24.41
1993 24.64
1994 25.30
1995 25.80
1996 24.71
1997 24.66
1998 25.47
1999 25.67
2000 26.45
2001 24.88
2002 24.49
2003 24.12
2004 26.12
2005 25.74
2006 25.31
2007 25.48
2008 25.62
2009 25.77
2010 27.44
2011 28.24
2012 27.83
2013 27.79
2014 27.04
2015 26.61
2016 26.36
2017 26.95
2018 26.64
2019 25.22
2020 24.81

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