The South Korean economy's ability to create new jobs fell to the lowest level in nine years last year.

According to data by the Bank of Korea and Statistics Korea on Sunday, the Korean economy's gross domestic product (GDP) elasticity of employment posted point-136 in 2018, the lowest since 2009 when it posted point-518.

The figure represents a sharp decrease from point-39 last year and point-seven in 2014.

The GDP elasticity of employment, which shows how many jobs are created for industrial sector growth, is calculated by dividing on-year growth in job creation with the real economic growth rate during a set period of time.

Higher numbers represent more employment versus industrial growth, while lower figures are signs that fewer openings are available despite gains.