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Korea’s Q3 Labor Productivity Index Up
Manufacturing production index turns to uptrend in five quarters.

(SEOUL = Newsis) Korea’s labor productivity index for the third quarter of 2013 rose by 2.9 percent from a year earlier to 98.1, the Ministry of Trade, Industry and Energy (MOTIE) announced yesterday.

The increase is attributable to the 1.0 percent rise in total industrial production - which grew helped by the increase in consumption and investment in construction, and the shift to uptrend in capital expenditure - and the 1.8 percent decrease in labor input.

MOTIE and the Korea Productivity Center analyze the quarterly labor productivity index in all industries, with the 2010 data set at the benchmark index of 100.

Looking at the labor productivity index by industry, the manufacturing sector saw an increase of one percent to 101.7, while the service and construction sectors had an increase of 3.8 percent (98.4) and 4.5 percent (79.9), respectively.

In particular, the Q3 manufacturing production index (103.1) remained unchanged from the year before, marking a shift to an uptrend in five quarters since Q3 of 2012. Also, labor input in the service sector dropped by 3.0% and contributed to the rise in labor productivity.

Source Text

Source: Newsis (Dec. 20, 2013)

** This article was translated from the Korean.
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