Overview: The driving force behind the economy's dynamic growth has been the planned development of an export-oriented economy in a vigorously entrepreneurial society. Real GNP increased more than 10% annually between 1986 and 1991. This growth ultimately led to an overheated situation characterized by a tight labor market, strong inflationary pressures, and a rapidly rising current account deficit. As a result, in 1992, economic policy focused on slowing the growth rate of inflation and reducing the deficit. Annual growth slowed to 5%, still above the rate in most other countries of the world. Growth increased to 6.3% in 1993 as a result of fourth quarter manufacturing production growth of over 10% and is expected to be in the 8% range for 1994.

National product: GNP - purchasing power equivalent - $424 billion (1993 est.)

National product real growth rate: 6.3% (1993)

National product per capita: $9,500 (1993 est.)

Inflation rate (consumer prices): 4.8% (1993)

Unemployment rate: 2.6% (October 1993)

Budget:
revenues: $48.4 billion
expenditures: $48.4 billion, including capital expenditures of $NA (1993 est.)

Exports: $81 billion (f.o.b., 1993)
commodities: electronic and electrical equipment, machinery, steel, automobiles, ships, textiles, clothing, footwear, fish
partners: US 26%, Japan 17%, EC 14%

Imports: $78.9 billion (c.i.f., 1993)
commodities: machinery, electronics and electronic equipment, oil, steel, transport equipment, textiles, organic chemicals, grains
partners: Japan 26%, US 24%, EC 15%

External debt: $42 billion (1992)

Industrial production: growth rate 5% (1992 est.); accounts for about 45% of GNP

Electricity:
capacity: 27,016 kW (1993)
production: 105 billion kWh (1992)
consumption per capita: 2,380 kWh (1992)

Industries: electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing

Agriculture: accounts for 8% of GNP and employs 21% of work force (including fishing and forestry); principal crops - rice, root crops, barley, vegetables, fruit; livestock and livestock products - cattle, hogs, chickens, milk, eggs; self-sufficient in food, except for wheat; fish catch of 2.9 million metric tons, seventh-largest in world

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $3.9 billion; non-US countries (1970-89), $3 billion

Currency: 1 South Korean won (W) = 100 chun (theoretical)
Exchange rates: South Korean won (W) per US$1 - 810.48 (January 1994), 802.68 (1993), 780.65 (1992), 733.35 (1991), 707.76 (1990), 671.46 (1989)

Fiscal year: calendar year

NOTE: The information regarding Korea, South on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Korea, South Economy 1995 information contained here. All suggestions for corrections of any errors about Korea, South Economy 1995 should be addressed to the CIA.