Korea, Rep. | Industry (including construction), value added (constant 2015 US$)

Industry (including construction) corresponds to ISIC divisions 05-43 and includes manufacturing (ISIC divisions 10-33). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. 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: 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.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source
Korea, Rep. | Industry (including construction), value added (constant 2015 US$)
1960 2315817561.3576
1961 2461705559.6385
1962 2868917243.7745
1963 3294304531.2726
1964 3625289629.1319
1965 4397834414.7598
1966 5181369899.7241
1967 6322273114.5378
1968 7773986714.9873
1969 9375345132.2812
1970 10681246727.476
1971 12086478492.461
1972 13426839622.307
1973 17186482176.047
1974 19785243562.659
1975 22078892668.38
1976 26114447357.424
1977 30692424469.926
1978 38434652109.656
1979 41671934311.13
1980 41151136355.122
1981 43530515503.951
1982 46350689326.852
1983 54842266444.362
1984 64161735424.026
1985 69063211195.789
1986 79133440287.434
1987 92890812777.4
1988 104043747762.12
1989 110269349784.57
1990 125167243285.85
1991 141682311420.91
1992 147595250471.51
1993 159178629695.7
1994 174993185297.43
1995 193654150506.23
1996 209961686721.02
1997 220946104136.83
1998 204052666063.51
1999 233159928848.82
2000 260959008566.34
2001 269492208460.03
2002 292305808043.8
2003 308387232254.15
2004 334297800313.22
2005 349262159027.65
2006 371030756470.81
2007 396352282392.43
2008 405796455199.93
2009 400029751964.2
2010 440942662956.72
2011 456414638262.59
2012 461768268726.2
2013 475358807188.33
2014 489168761167.29
2015 500651353615.65
2016 516372526697.63
2017 538055641700.78
2018 548744645113.58
2019 552438750258.91
2020 547914457032.83
2021 576719051948.49
2022 584495498380.97

Korea, Rep. | Industry (including construction), value added (constant 2015 US$)

Industry (including construction) corresponds to ISIC divisions 05-43 and includes manufacturing (ISIC divisions 10-33). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. 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: 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.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source