South Korea - Real Wages & Salaries

South Korea: Real Wages & Salaries

Mnemonic YPEWS$.IKOR
Unit Bil. KRW
Annual 4.39 %
Data 2017 766,202
2016 734,010

Series Information

Source The Bank of Korea
Release National accounts [annual]
Frequency Annual
Start Date 12/31/1970
End Date 12/31/2017

South Korea: Labor

Reference Last Previous Units Frequency
Labor Force Aug 2019 28,063 28,181 Ths. #, SA Monthly
Labor Force Employment Aug 2019 27,196 27,050 Ths. #, SA Monthly
Unemployment Aug 2019 866.9 1,131 Ths. #, SA Monthly
Unemployment Rate Aug 2019 3.1 4 %, SA Monthly
Agriculture Employment 2017 1,363,560 1,359,356 # Annual
Real Wages & Salaries 2017 766,202 734,010 Bil. KRW Annual
Total Employment 2017 21,626,904 21,259,243 # Annual
Wage & Salaries 2017 Q1 133.51 127.09 Index 2005=100 Quarterly

Release Information

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.

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.

The following National Accounts release are normaly published:

  • Quarterly advance: Within 28 days after the end of the quarter concerned
  • Quarterly preliminary: Within 70 days after the end of the quarter concerned
  • Annual preliminary: Within 3 months after the end of the year concerned
  • Annual final: Within 15 months after the end of the year concerned