Korea, Rep. | Agriculture, forestry, and fishing, value added (constant 2015 US$)

Agriculture, forestry, and fishing corresponds to ISIC divisions 01-03 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 4. Data are in constant 2015 prices, expressed in U.S. dollars. 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.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source
Korea, Rep. | Agriculture, forestry, and fishing, value added (constant 2015 US$)
1960 7086327675.1234
1961 8142517037.6298
1962 7626845512.9636
1963 8356584383.5174
1964 9691830558.7547
1965 9806601072.9894
1966 10675249402.605
1967 10134996827.895
1968 10147375773.96
1969 11065451466.795
1970 10986491475.106
1971 11593325095.44
1972 11944002953.263
1973 12731480765.107
1974 13534166996.403
1975 14251969026.108
1976 15528857312.752
1977 16000671999.929
1978 14417493219.211
1979 16064777256.339
1980 13471122792.513
1981 15590575200.992
1982 16808751914.868
1983 18374600171.095
1984 17895534958.365
1985 18959063267.467
1986 19949467373.74
1987 19083206412.294
1988 20876915697.167
1989 20848002016
1990 19673593718.569
1991 20301294705.127
1992 22123298723.863
1993 21189749348.447
1994 21214772503.708
1995 22662048140.837
1996 23543429100.692
1997 24558414257.009
1998 22701218663.03
1999 23864574330.045
2000 23935134322.617
2001 24032839575.491
2002 23307433336.06
2003 21873951381.689
2004 23556780678.234
2005 23691799611.389
2006 24239567974.782
2007 25449963636.846
2008 27088582411.728
2009 28343807542.757
2010 27311138177.775
2011 27031373996.697
2012 26897416116.062
2013 28026552839.31
2014 29450750584.132
2015 29378068486.519
2016 27722826555.492
2017 28347609647.62
2018 28391289643.022
2019 29508754788.552
2020 27801079178.834
2021 29241546395.627
2022 28945512742.578

Korea, Rep. | Agriculture, forestry, and fishing, value added (constant 2015 US$)

Agriculture, forestry, and fishing corresponds to ISIC divisions 01-03 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 4. Data are in constant 2015 prices, expressed in U.S. dollars. 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.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source