Productivity declines in Korea by 2nd-largest margin in OECD

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Productivity declines in Korea by 2nd-largest margin in OECD

Korea’s labor productivity fell by the second-largest margin in the third quarter of last year among the members of the Organization for Economic Cooperation and Development, due mainly to a drop in economic growth, data showed yesterday.

According to the data compiled by the OECD, Korea’s labor productivity declined 0.4 percent in the July-September period of last year from three months earlier, the second-largest drop among the 22 OECD member countries after Norway, which suffered a 1.3 percent drop. Labor productivity is measured by dividing industrial output by labor input during a given period of time.

Only six countries, including Portugal and Italy, saw their labor productivity decline in the third quarter. The surveyed countries registered an average 0.2 percent rise in their labor productivity, according to the OECD data.

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