By Lee Hyo-sik
South Korea’s labor productivity in accounting, consulting, design and other business-related service sectors lags far behind the United States and other advanced nations. To join the ranks of the developed economies, accordingly, the country needs to strengthen its service industry.
The National Statistical Office (NSO) said Tuesday, that using Korea’s labor productivity in these sectors as a baseline set at 100 in 1985, the country’s output in the business-supporting service sectors stood at 287.3 in 2005, substantially lower than the United States’ 1,012.7.
Japan’s service industry labor efficiency came to 764.2, while the average of Britain, France, and eight other Western European nations were 713.3.
By sector, Korea’s labor productivity in office equipment leasing, computer network solution, and other corporate support-related businesses was 367.7, compared with 1,134.5 in the United States, 852.3 in European countries and 681.8 in Japan.