韩国行业-韩国服务业生产率：结构性挑战与政策选择（英）

1Sunyoung Jung* · Joon Choi** · Byeongtak Ahn***[1] To What Extent Has Korea’s Service Industry Achieved Quantitative and Qualitative Growth?nKorea’s service industry has undergone substantial quantitative expansion, but gains in productivity and efficiency have not kept pace. Since 1970, the private service sectorexcluding public administration, defense, and real estate has grown at average annual rates of 7% in output and 3% in employment. As of 2024, it accounts for 44% of nominal GDP and 65% of total employment. Nevertheless, labor productivityreal value added divided by total employment in the private service sector has stagnated at merely 40% of that in manufacturing over the past two decades, lagging behind major economies and showing only modest improvement.nIn particular, service-sector productivity in the post-pandemic period has fallen well below its pre-pandemic trajectory. Productivity in high value-added service industriesfinance&insurance, information&communication, and professional&scientific&technical services briefly surged on the back of rising demand for less-contact-intensive services and digital transformation, but has been on a downward path since 2022 and now stands about 10% below its long-term pre-pandemic trend. This contrasts sharply with the United States, where high-tech service sectorsinformation& communication, and professional&scientific&technical services have played a leading role in the post-pandemic recovery, both in terms of employment and productivity.nProductivity in low value-added service sectorswholesale&retail trade, accommodation&food services, and transportation&storage also fell sharply in the immediate aftermath of the pandemic shock. Although it has been gradually recovering, it still stands about 7% No. 2025-18 BOK ISSUE NOTEJuly 3, 2025 Korea’s Service Industry Productivity : Structural Challenges and Policy Options2below its pre-pandemic trend. In particular, productivity in labor-intensive industries—such as accommodation and food services, business support services, and health and social work—plunged in 2020 and has since remained stagnant at levels lower than before the pandemic.[2] What Are the Structural Factors Limiting Productivity in the Service Industry? ❶ [Perception as a Supporting Sector for Manufacturing, a Regulated Industry, and a Provider of Public Goods] The Korean service sector, with approximately 32% of its total output directly or indirectly linked to goods exports as of 2020, has long primarily focused on playing a supporting role for production and export activities in the manufacturing sector, mainly in areas such as logistics, transportation, and finance. As a result, its independent demand base remains fragile. Furthermore, in the general social perception, the service sector has often been regarded not as an “industry” that generates value added in itself, but rather as a provider of public goods or activities offered free of charge. This perception has, to