South Korea: Value added in the services sector as percent of GDP, 1960 - 2020:
For that indicator, we provide data for South Korea from 1960 to 2020. The average value for South Korea during that period was 46.77 percent with a minimum of 29.85 percent in 1964 and a maximum of 57.08 percent in 2019.
The latest value from 2020 is 57.02 percent. For comparison, the world average in 2020 based on 144
countries is 55.51 percent.
See the global rankings for that indicator or
use the country comparator to compare trends over time.
The importance of services in the economy of South Korea and other countries is measured as the value added of services as percent of GDP. The services sector includes wholesale and retail trade, transport, financial services, education, health care, and real estate.
Definition: Services correspond to ISIC divisions 50-99 and they include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.