SEMAS to Develop 'Small Enterprise GDP'... Expert Advisory Group Launched

Launch of S-GDP Expert Advisory Group
Full-Scale Initiative to Measure the Economic Value of Small Enterprises

The Small Enterprise and Market Service (SEMAS) announced on July 24 that it has launched an expert advisory group for the establishment of an "Economic Value Measurement System for Small Enterprises" at Dream Square in Mapo-gu, Seoul, and has begun full-scale research to develop a "Total Small Enterprise Production Index" (tentatively named S-GDP).

Exterior view of the Small Enterprise and Market Service in Yuseong District, Daejeon. SEMS

S-GDP is a research project that systematically calculates the production and added value generated by small enterprises within the national economy, based on the System of National Accounts (SNA). SEMAS plans to use this initiative to lay the groundwork for objectively measuring the economic value of small enterprises and to establish a research system that can be utilized for future policy development and performance evaluation.

The advisory group includes experts from the Bank of Korea, the Ministry of Data and Statistics, the Korea Development Institute (KDI), the Korean Economic Association, and the Korean Association of Applied Economics, as well as other relevant agencies and academic professionals. The group will share research results and discuss topics such as the concept and measurement methods of the index, its consistency with national statistics, and ways it can be used for policy.

This research is one of the core tasks of the "Small Enterprise Value Coexistence Project," which Intae Yeon, Chairman of SEMAS, introduced during a press conference commemorating his 100th day in office. The aim is to redefine small businesses not merely as targets of support, but as "economic actors," and to systematically uncover and promote their economic, social, cultural, and ecosystem value.

Intae Yeon, Chairman of SEMAS, stated, "Small enterprises are an ecosystem that powers our economy and local communities. We will use data to show who produces value in the Korean economy and provide an objective measurement of the economic value created by small enterprises, thereby establishing a policy foundation that the public can tangibly appreciate."

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