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S. Korea's Manufacturing Labor Productivity Growth Drops 6.3 Percentage Points

Written: 2020-06-25 10:24:48Updated: 2020-06-25 12:01:28

S. Korea's Manufacturing Labor Productivity Growth Drops 6.3 Percentage Points

Photo : YONHAP News

A recent study finds that labor productivity growth of South Korea's manufacturing industry dropped more than six percentage points in recent years compared to the period before the 2008 global financial crisis. 

According to a report by the Economics Research Institute under the Bank of Korea on Thursday, labor productivity growth of the country's manufacturing industry slipped by six-point-three percentage points in the 2009 to 2017 period compared to 2002 to 2008.

Aggregate labor productivity growth of all industries dropped one-point-72 percentage points over the cited period. 

Labor productivity is a measure of economic performance that compares the amount of goods and services produced with the number of hours worked to produce those goods and services.

The institute cited decreased investment after the 2008 financial crisis as a contributor to the drop in the country's manufacturing labor productivity growth.

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