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Value of Household Labor Equivalent to 25% of GDP

Written: 2023-12-05 16:02:53Updated: 2023-12-05 16:10:19

Value of Household Labor Equivalent to 25% of GDP

Photo : YONHAP News

The monetary value of the country’s household labor services was found to be around a quarter of the country’s gross domestic product(GDP).

According to Statistics Korea’s Statistics Research Institute on Tuesday, the value of household labor services based on 2019 figures stood at 490-point-nine trillion won, or over 374 billion U.S. dollars, equivalent to 25-point-five percent of the nation’s GDP.

By gender, the value of housework by women amounted to 356 trillion won, two-point-six times the value of work by men at 134-point-nine trillion won.

By age, the value of household labor by the working demographic aged 15 to 64 amounted to 83-point-five percent of the total, while the work of those aged 65 years or older amounted 16-point-five percent.

The share of household service value by the elderly, however, was a nearly two-fold increase from 20 years ago.

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