The latest plan by the BOK for an overhaul of GDP statistics will see sharing services like Uber and Airbnb or peer-to-peer lending services reflected for the first time in the new GDP report, which is set to be published in the new benchmark year. (Image: Yonhap)
BRAZIL, May 30 (Korea Bizwire) – The Bank of Korea (BOK) announced yesterday plans to include the sharing and digital economy in its new gross domestic product report, which will be published in 2019.
The latest plan by the BOK for an overhaul of GDP statistics will see sharing services like Uber and Airbnb or peer-to-peer lending services reflected for the first time in the new GDP report, which is set to be published in the new benchmark year.
In preparation for 2019 when new GDP statistics will be published, the BOK plans to conduct research on business models in both the sharing and digital economies by the third quarter of this year and develop new statistical methods by early next year.
According to the BOK’s current economic forecasts, the economy of sharing services in South Korea, which hasn’t been reflected in its previous GDP reports, is estimated to be 81.9 billion won, accounting for a mere 0.005 percent of GDP.
In South Korea, peer-to-peer car sharing services from private drivers without a taxi license – such as UberX – are illegal, which only leaves business-to-consumer services like UberBlack and car sharing.
Though peer-to-peer carpool services are seeing rising popularity, industry experts believe car sharing is not going to influence South Korea’s new GDP report as it finds itself in the early stages of commercialization.
Some South Korean households, as many as 1,400, have registered as private accommodations service providers through home sharing services such as Airbnb, and have already been reflected in lodging industry statistics.
Financial experts say privately owned homes that operate as home sharing service providers will account for only about 0.005 percent of South Korea’s annual nominal GDP, as only the profit margin exceeding the value of imputed rents will have an impact on the country’s GDP.
In South Korea, peer-to-peer car sharing services from private drivers without a taxi license – such as UberX – are illegal, which only leaves business-to-consumer services like UberBlack and car sharing. (Image: Yonhap)
Advertising revenue for digital service providers such as Google and YouTube has already been incorporated into the current South Korean GDP.
“Though the newly emerging economies have had little influence on South Korean GDP as of yet, as we see great growth potential, we’ll keep an eye on market trends and continue to expand our statistical data,” a BOK official said.
Ashley Song (ashley@koreabizwire.com)
