The Bank of Korea published its 2024 input-output and employment statistics, showing total supply and demand of KRW 7,113.6 trillion at producer prices. Domestic output accounted for 85.0% of supply and imports for 15.0%. Exports represented 16.1% of demand, lifting the combined share of exports and imports by 1.5 percentage points to 31.1%. Intermediate use accounted for 49.3% of total supply, while domestic final demand represented 34.6%. Services generated 48.5% of domestic output and 64.1% of value added, while manufactured goods accounted for 41.3% and 26.0%, respectively. The economywide value added ratio rose 0.8 percentage points to 42.0%, partly reflecting higher value added from assembled and processed products and lower imported raw material prices. Import dependency fell to 13.3%, while the import requirement coefficient declined to 0.241 from 0.248. Exports increased to 31.8% of final demand from 29.4%, while consumption and investment shares fell to 47.0% and 21.2%, respectively. Full-time equivalent employment decreased 0.1% to 25.961 million, although services’ employment share rose to 72.0%. An additional KRW 1 billion of final demand generated an estimated 7.8 workers, down from 8.2 in 2023, with services retaining a substantially higher employment requirement coefficient than manufacturing.
2026-09-21Bank of Korea
Bank of Korea publishes 2024 input-output statistics showing higher trade and value added shares
The Bank of Korea reported total 2024 supply and demand of KRW 7,113.6 trillion, with the combined export and import share rising to 31.1%. The value added ratio increased to 42.0% as import dependency fell to 13.3%. Full-time equivalent employment edged down 0.1% to 25.961 million.