SEOUL, KOREA – Korea's labor productivity has declined by a large margin, the second largest among Organization for Economic Cooperation and Development member countries.

According to OECD on January 6, the third-quarter labor productivity of Korea has dropped 0.4 percent from the previous quarter. This is the largest decline after that for Norway (-1.3%).

 

Of the 22 OECD members, only six countries, including the Czech Republic, Portugal, and Finland, as well as Norway and Korea, saw their labor productivity dip for the quarter.

 

This is the first time Korea's labor productivity makes a negative growth after a 0.8-percent descent during the 2008 financial crisis.

 

The third-quarter average labor productivity for all OECD member nations has increased 0.2 percent. The average growth rate for European members stopped short at 0.1 percent.