Korea, Rep. | Gross capital formation (current US$)

Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and "work in progress." According to the 1993 SNA, net acquisitions of valuables are also considered capital formation. Data are in current U.S. dollars. Limitations and exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on capital formation may be estimated from direct surveys of enterprises and administrative records or based on the commodity flow method using data from production, trade, and construction activities. The quality of data on government fixed capital formation depends on the quality of government accounting systems (which tend to be weak in developing countries). Measures of fixed capital formation by households and corporations - particularly capital outlays by small, unincorporated enterprises - are usually unreliable. Estimates of changes in inventories are rarely complete but usually include the most important activities or commodities. In some countries these estimates are derived as a composite residual along with household final consumption expenditure. According to national accounts conventions, adjustments should be made for appreciation of the value of inventory holdings due to price changes, but this is not always done. In highly inflationary economies this element can be substantial. Statistical concept and methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source
Korea, Rep. | Gross capital formation (current US$)
year value
1960 416633663.36634
1961 306911437.21898
1962 396153846.15385
1963 749230769.23077
1964 533092163.68548
1965 460584202.44984
1966 852443912.10209
1967 1077937147.6881
1968 1658081656.9972
1969 2298369521.4616
1970 2370588473.9554
1971 2473588316.2056
1972 2333198097.6049
1973 3609394115.3595
1974 6371261334.2069
1975 6214256198.3471
1976 8263842975.2066
1977 11574586776.86
1978 17922314049.587
1979 25087603305.785
1980 22255476945.998
1981 23455412939.521
1982 25048824745.494
1983 28501770484.06
1984 31493997710.601
1985 32688329003.931
1986 38104986055.997
1987 48209903746.501
1988 69489135756.122
1989 90662557386.503
1990 112079842410.79
1991 136339060586.49
1992 137724447345.73
1993 147855509381.93
1994 178552056653.98
1995 220680399541.9
1996 240549327102.02
1997 211884041151.73
1998 106485936896.04
1999 154293172362.06
2000 189526308459.87
2001 173075472197.95
2002 195028840090.66
2003 226833651361.32
2004 258175100880.17
2005 303919367782.99
2006 347491098832.68
2007 388105748537.03
2008 352605837846.98
2009 277518814657.03
2010 372289486882.38
2011 417588877720.96
2012 400241319118.89
2013 409618144582.22
2014 442236237225.03
2015 432910754430.45
2016 452043669382.54
2017 524059222592.95
2018 543271530690.03
2019 520114557120.88
2020 524282326913.14
2021 587848070858.24
2022 555428187628.65

Korea, Rep. | Gross capital formation (current US$)

Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and "work in progress." According to the 1993 SNA, net acquisitions of valuables are also considered capital formation. Data are in current U.S. dollars. Limitations and exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on capital formation may be estimated from direct surveys of enterprises and administrative records or based on the commodity flow method using data from production, trade, and construction activities. The quality of data on government fixed capital formation depends on the quality of government accounting systems (which tend to be weak in developing countries). Measures of fixed capital formation by households and corporations - particularly capital outlays by small, unincorporated enterprises - are usually unreliable. Estimates of changes in inventories are rarely complete but usually include the most important activities or commodities. In some countries these estimates are derived as a composite residual along with household final consumption expenditure. According to national accounts conventions, adjustments should be made for appreciation of the value of inventory holdings due to price changes, but this is not always done. In highly inflationary economies this element can be substantial. Statistical concept and methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source