South Korea's labor productivity slightly fell in the third quarter from a year earlier, due mainly to an increase in the input of labor in the service segment, data showed Monday.
The country's productivity index stood at 109.4 in the July-September period, down 0.7 percent from a year earlier, according to the Korea Productivity Center, a local industrial tracker.
The index is calculated by comparing the added value and output with the amount of labor allocated for the production. A higher number indicates better productivity.
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(Yonhap) |
The KPC said the overall productivity lost ground as the rise of labor input outpaced the gain in production.
Over the third quarter, the added value increased 1.8 percent, while the amount of labor input rose 2.5 percent.
The overall decrease in the productivity mainly came as the country's domestic consumption and exports slowed while state expenditures increased, it added.
By segment, the manufacturing sector posted an index of 119.5, rising 1.5 percent from a year earlier.
The service sector, on the other hand, experienced a 0.8 percent drop in its productivity index to reach 107.3. (Yonhap)
