Research Reports
Estimating the GDP of the Korean Agribusiness Sector
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AuthorKim, Chulmin
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Publication Date2004.09.01
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Original
ABSTRACT
The Korean agribusiness sector is a source of jobs and earnings for millions of Korean workers. The Korean agribusiness sector involves a wide range of businesses from farm product supply to fast food chains. The activities of farmers, processors, manufacturers, wholesalers, retailers, restaurateurs, and transporters should be coordinated to satisfy the changing demands of consumers, businesses and government. Estimating the GDP and employment status of the Korean Agribusiness Sector is conducted using the Korean input-output model, which describes input use and payments for each sector of the national economy.
The Korean agribusiness sector's share of the gross domestic product(GDP) was 10.9 percent in 2000. Actual levels of employment and GDP has increased in almost every year since 1990, though the proportion has mostly dropped. In 1990, the Korean agribusiness sector accounted for 16.8 percent of GDP. Growing output(in won) and employment(in jobs) reflect the move of both domestic and foreign consumers away from low-value bulk commodities toward more high-value processed products.
The Korean agribusiness sector has added 6.5 trillion won to Korean GDP in 2000. Out of this, 4 trillion won came from manufacturing and distribution, while 2 trillion won came from inputs. In 2000, the farm sector alone was worth 3 trillion won, up 20 billion won compared to 1990.
Researcher: Chul-Min Kim
E-mail address: cmkim@krei.re.kr
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