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[Graphic News] Korea’s labor productivity still lowBy Korea Herald
Published : April 28, 2013 - 20:46
In 2011, the total output by each Korean worker came to $62,185, which amounted to 79.9 percent of the OECD average but 60.6 percent of that of the U.S., according to the Ministry of Trade, Industry and Energy.
The ministry noted that Korea’s labor productivity grew at an average annual rate of 2.92 percent, the sixth highest among all OECD nations, in the 2001-2010 period.
The hourly production of each Korean worker was the 28th highest among 34 OECD countries while its average working hours were the second highest, meaning Korean laborers were working longer, but producing less than most other OECD countries.
Korea’s per capita production of laborers in the manufacturing sector was the second highest among 19 OECD countries with such data, while its service industry showed one of the lowest per capita outputs among OECD members.
By Kim So-hyun (email@example.com)
Articles by Korea Herald
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