You are here

South Korea aims for bigger services industry contribution to GDP by 2020

Tuesday, July 5, 2016 - 09:10

[SEOUL] South Korea said on Tuesday it expects the services industry to boost gross domestic product growth by 0.1 to 0.2 percentage points every year until 2020 as the government announced plans to stoke activity in the sector.

The finance ministry also said it sees the value added of the services industry, or the contribution of the industry to overall GDP, to rise to 65 per cent by 2020 from 59.7 per cent seen in 2015.

The forecasts came as the government said it would re-introduce bills to ease regulations and bolster the country's services sector amid weak exports, which have been falling since January last year.

REUTERS