Economy - overview:
Since the 1960s, South Korea has achieved an incredible record of growth and global integration to become a high-tech industrialized economy. Four decades ago, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4-5% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.2% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth exceeded 6% in 2010. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, and overdependence on manufacturing exports to drive economic growth.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: The information regarding Korea, South on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Korea, South Economy 2011 information contained here. All suggestions for corrections of any errors about Korea, South Economy 2011 should be addressed to the CIA.
$1.467 trillion (2010 est.)
country comparison to the world: 13
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$986.3 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
6.1% (2010 est.)
country comparison to the world: 35
[see also: GDP - real growth rate country ranks ]
$30,200 (2010 est.)
country comparison to the world: 45
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
39.4%
[see also: GDP - composition by sector - industry country ranks ]
services:
57.6% (2008 est.)
[see also: GDP - composition by sector - services country ranks ]
24.62 million (2009 est.)
country comparison to the world: 25
[see also: Labor force country ranks ]
agriculture: 7.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
24.3%
[see also: Labor force - by occupation - industry country ranks ]
services:
68.4% (2007)
[see also: Labor force - by occupation - services country ranks ]
3.7% (2010 est.)
country comparison to the world: 33
[see also: Unemployment rate country ranks ]
15% (2003 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
24.2% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
31.4 (2009)
country comparison to the world: 104
[see also: Distribution of family income - Gini index country ranks ]
28.7% of GDP (2009 est.)
country comparison to the world: 23
[see also: Investment (gross fixed) country ranks ]
revenues: $248.3 billion
[see also: Budget - revenues country ranks ]
expenditures:
$267.3 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
23.7% of GDP (2010 est.)
country comparison to the world: 101
[see also: Public debt country ranks ]
3% (2010 est.)
country comparison to the world: 92
[see also: Inflation rate (consumer prices) country ranks ]
1.25% (31 December 2009)
country comparison to the world: 133
[see also: Central bank discount rate country ranks ]
5.65% (31 December 2009 est.)
country comparison to the world: 127
[see also: Commercial bank prime lending rate country ranks ]
$101.9 billion (31 December 2010 est)
[see also: Stock of narrow money country ranks ]
$1.346 trillion (31 December 2009)
[see also: Stock of broad money country ranks ]
$1.057 trillion (31 December 2010 est.)
country comparison to the world: 15
[see also: Stock of domestic credit country ranks ]
$836.5 billion (31 December 2009)
country comparison to the world: 17
[see also: Market value of publicly traded shares country ranks ]
rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish
electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
12.1% (2009 est.)
country comparison to the world: 6
[see also: Industrial production growth rate country ranks ]
417 billion kWh (2008 est.)
country comparison to the world: 11
[see also: Electricity - production country ranks ]
402 billion kWh (2008 est.)
country comparison to the world: 11
[see also: Electricity - consumption country ranks ]
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]
48,180 bbl/day (2009 est.)
country comparison to the world: 65
[see also: Oil - production country ranks ]
2.185 million bbl/day (2009 est.)
country comparison to the world: 10
[see also: Oil - consumption country ranks ]
907,100 bbl/day
country comparison to the world: 21
note:
exports consist of oil derivatives (gasoline, light oil, and diesel), not crude oil (2008 est.)
[see also: Oil - exports country ranks ]
3.074 million bbl/day (2008 est.)
country comparison to the world: 5
[see also: Oil - imports country ranks ]
0 bbl
country comparison to the world: 163
[see also: Oil - proved reserves country ranks ]
651 million cu m (2009 est.)
country comparison to the world: 66
[see also: Natural gas - production country ranks ]
34.09 billion cu m (2009 est.)
country comparison to the world: 25
[see also: Natural gas - consumption country ranks ]
0 cu m (2008 est.)
country comparison to the world: 79
[see also: Natural gas - exports country ranks ]
32.69 billion cu m (2009 est.)
country comparison to the world: 10
[see also: Natural gas - imports country ranks ]
50 billion cu m (1 January 2008 est.)
country comparison to the world: 64
[see also: Natural gas - proved reserves country ranks ]
$36.35 billion (2010 est.)
country comparison to the world: 12
[see also: Current account balance country ranks ]
$466.3 billion (2010 est.)
country comparison to the world: 7
[see also: Exports country ranks ]
semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals
China 21.5%, US 10.9%, Japan 6.6%, Hong Kong 4.6% (2008)
$417.9 billion (2010 est.)
country comparison to the world: 9
[see also: Imports country ranks ]
machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics
China 17.7%, Japan 14%, US 8.9%, Saudi Arabia 7.8%, UAE 4.4%, Australia 4.1% (2008)
$274.6 billion (31 December 2010 est.)
country comparison to the world: 7
[see also: Reserves of foreign exchange and gold country ranks ]
$370.1 billion (31 December 2010 est.)
country comparison to the world: 24
[see also: Debt - external country ranks ]
$112.1 billion (31 December 2010 est.)
country comparison to the world: 30
[see also: Stock of direct foreign investment - at home country ranks ]
$115.6 billion (31 December 2009)
country comparison to the world: 25
[see also: Stock of direct foreign investment - abroad country ranks ]
South Korean won (KRW) per US dollar - 1,153.77 (2010), 1,276.93 (2009), 1,101.7 (2008), 929.2 (2007), 954.8 (2006)
This page was last modified 09-Feb-11