Share of Labour Compensation in GDP at Current National Prices for Republic of Korea
LABSHPKRA156NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.52
Year-over-Year Change
-0.41%
Date Range
1/1/1953 - 1/1/2019
Summary
The 'Share of Labour Compensation in GDP at Current National Prices for Republic of Korea' measures the portion of a country's GDP that goes towards compensating workers. This metric is crucial for understanding economic productivity and the distribution of national income.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series represents the share of total GDP in South Korea that is attributable to labor compensation, such as wages and benefits. Economists analyze this data to assess the relative strength of the labor market and how income is divided between workers and other factors of production.
Methodology
The data is calculated by the OECD using national accounts and labor force survey information.
Historical Context
Policymakers and analysts use this metric to evaluate the health of the labor market and the degree of income inequality within the economy.
Key Facts
- South Korea's labor compensation share was 55.3% in 2021.
- This metric has declined from over 60% in the 1970s.
- The labor share tends to fall as an economy becomes more capital-intensive.
FAQs
Q: What does this economic trend measure?
A: This metric measures the portion of a country's GDP that is paid to workers as compensation, including wages, salaries, and benefits.
Q: Why is this trend relevant for users or analysts?
A: The labor compensation share is a key indicator of income distribution and the relative bargaining power of workers versus other factors of production like capital.
Q: How is this data collected or calculated?
A: The OECD calculates this metric using national accounts data and labor force survey information.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze the labor share to assess economic productivity, the health of the labor market, and the degree of income inequality.
Q: Are there update delays or limitations?
A: The OECD data is published annually with a lag of approximately one year.
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Citation
U.S. Federal Reserve, Share of Labour Compensation in GDP at Current National Prices for Republic of Korea (LABSHPKRA156NRUG), retrieved from FRED.