South Korea - Real Wages & Salaries

Published by the Bank of Korea on a Quarterly basis, the national income statistics indicates a nation's economic power and living standards of its people.

In addition, various indexes on economic conditions, such as economic growth rate, investment ratio, savings ratio and income distribution ratio, are used as a reference in establishing and evaluating economic policies.

Active:

• National accounts framework: UN SNA 2008
• Industry classification: KSIC Rev. 10
• Measurements:
  • Billions of Korean won at current prices (Bil. KRW)
  • At 2015 prices
• Geo coverage: Country
• Native frequency: Annual
• Start date: 2000

Predecessors:

• 1970 to 2017, at 2010 prices
• 1970 to 2012
• 1970 to 2007
• 1970 to 2005
• 1970 to 2002

The source writes:

When compiling the GDP data, the production approach, the expenditure approach and the income approach are used by the Bank of Korea, although the data are compiled primarily by the production approach considering accuracy and availability of the source data.

A complete survey is conducted in some sectors or industrial production index is used in compilations, and sample design of industrial production index is followed when industrial production indexes are used.

The following breakdowns of the current and constant price GDP data are disseminated by the source:

1. A breakdown by kind of economic activity into: agriculture forestry and fishing; mining and quarrying; manufacturing; electricity, gas and water supply; construction; wholesale and retail trade, restaurants and hotels; transport and storage; financial intermediation; real estate and renting; information and communication; business activities; public administration and defense, compulsory social security; education; health and social work; recreational, cultural and sporting; other service activities; taxes less subsidies on products.
2. A breakdown by expenditure category into: final consumption expenditure; gross capital formation; exports and imports of goods and services; and statistical discrepancy.

GNI at current and constant prices, data on savings at current prices are also published, but on an Annual frequency.

The national accounts data are compiled following the analytical framework, concepts, definitions, accounting conventions, and classifications of the System of National Accounts 1993.

Annual chain-linking method (chained weighted method) for the compilation of real GDP is adopted in accordance with 93 SNA. The chained Laspeyres and chained Paasche indexes are applied for volume and price measure, respectively. Annual overlap method is used for the compilation of quarterly real GDP.

The data are published in both seasonally-adjusted and original (NSA) format

The data are provisional when first released. The “advance” estimates are replaced with “preliminary” estimates which are subject to revision until “final” estimates are announced.

The final estimates are published in the press release National Accounts 20xx (Final) 15months after the end of the reference year. All of the published figures are subject to revision at five year intervals to reflect the change of economic structure and relative prices etc.

• Quarterly advance: Within 28 days after the end of the reference period
• Quarterly preliminary: Within 70 days after the end of the reference period
• Annual preliminary: Within 3 months after the end of the reference period
• Annual final: Within 15 months after the end of the reference period