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--which grew by 6.7% in 1989 after an average annual growth of over 12% between 1986-88--grew about 9% in 1990. Labor unrest--which led to substantial wage hikes in 1987-88--was noticeably calmer in 1990, unemployment averaged a low 2.5%, and investment was strong. Inflation rates, however, are beginning to challenge South Korea's strong economic performance. Consumer prices rose 8.6%, the highest rate in nine years. Policymakers are concerned higher prices could lead to a resurgence of labor unrest.

GNP: $238 billion, per capita $5,600; real growth rate 9% (1990 est.)

Inflation rate (consumer prices): 8.6% (1990)

Unemployment rate: 2.5% (1990)

Budget: revenues $38 billion; expenditures $38 billion, including capital expenditures of $NA (1991)

Exports: $65 billion (f.o.b., 1990); commodities--textiles, clothing, electronic and electrical equipment, footwear, machinery, steel, automobiles, ships, fish; partners--US 30%, Japan 19%

Imports: $70 billion (c.i.f., 1990); commodities--machinery, electronics and electronic equipment, oil, steel, transport equipment, textiles, organic chemicals, grains; partners--Japan 27%, US 24% (1990)

External debt: $31.7 billion (1990)

Industrial production: growth rate 8.6% (1990 est.); accounts for about 45% of GDP

Electricity: 21,000,000 kW capacity; 85,000 million kWh produced, 1,970 kWh per capita (1990)

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

Agriculture: accounts for 11% 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: US commitments, including Ex-Im (FY70-89), $3.9 billion; non-US countries (1970-89), $3.0 billion

Currency: South Korean won (plural--won); 1 South Korean won (W) = 100 chon (theoretical)

Exchange rates: South Korean won (W) per US$1--718.14 (January 1991), 707.76 (1990), 671.46 (1989), 731.47 (1988), 822.57 (1987), 881.45 (1986), 870.02 (1985)

Fiscal year: calendar year

NOTE: The information regarding Korea, South on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Korea, South Economy 1991 information contained here. All suggestions for corrections of any errors about Korea, South Economy 1991 should be addressed to the CIA.