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Korea, South Economy 2017
https://theodora.com/wfbcurrent/korea_south/korea_south_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Korea, South Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
South Korea over the past four decades has demonstrated incredible economic growth and global integration to become a high-tech industrialized economy. In the 1960s, 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.A system of close government and business ties, including directed credit and import restrictions, initially 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 7% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007.South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2015, the economy experienced slow growth – 2%-3% per year - due to sluggish domestic consumption and investment. The administration in 2015 faced the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services.The South Korean economy's long-term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small- and medium-sized enterprises.

GDP (purchasing power parity):
$1.929 trillion (2016 est.) $1.878 trillion (2015 est.) $1.83 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 14
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.404 trillion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.7% (2016 est.) 2.6% (2015 est.) 3.3% (2014 est.)
country comparison to the world: 110
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$37,900 (2016 est.) $37,100 (2015 est.) $36,300 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 45
[see also: GDP - per capita country ranks ]

Gross national saving:
36.1% of GDP (2016 est.) 36.2% of GDP (2015 est.) 35.3% of GDP (2014 est.)
country comparison to the world: 10
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 49%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 43.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -37% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 37.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.2% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish

Industries:
electronics, telecommunications, automobile production, chemicals, shipbuilding, steel

Industrial production growth rate:
1.8% (2016 est.)
country comparison to the world: 116
[see also: Industrial production growth rate country ranks ]

Labor force:
27.25 million (2016 est.)
country comparison to the world: 25
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 70.2% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4% (2016 est.) 3.6% (2015 est.)
country comparison to the world: 35
[see also: Unemployment rate country ranks ]

Population below poverty line:
14.6% (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 6.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 37.8% (Q4 2014)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.2 (2014 est.) 35.8 (2000)
country comparison to the world: 121
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $304.3 billion
[see also: Budget revenues country ranks ]
expenditures: $321.4 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
21.7% of GDP (2016 est.)
country comparison to the world: 135
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.2% of GDP (2016 est.)
country comparison to the world: 55
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
46.1% of GDP (2016 est.) 44.8% of GDP (2015 est.)
country comparison to the world: 99
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.8% (2016 est.) 0.7% (2015 est.)
country comparison to the world: 60
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2015) 2% (31 December 2014)
country comparison to the world: 120
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.4% (31 December 2016 est.) 3.53% (31 December 2015 est.)
country comparison to the world: 161
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$733.4 billion (31 December 2016 est.) $604.2 billion (31 December 2015 est.)
country comparison to the world: 9
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.093 trillion (31 December 2016 est.) $1.917 trillion (31 December 2015 est.)
country comparison to the world: 9
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.641 trillion (31 December 2016 est.) $2.427 trillion (31 December 2015 est.)
country comparison to the world: 10
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.231 trillion (31 December 2015 est.) $1.213 trillion (31 December 2014 est.) $1.235 trillion (31 December 2013 est.)
country comparison to the world: 12
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$101.6 billion (2016 est.) $105.9 billion (2015 est.)
country comparison to the world: 5
[see also: Current account balance country ranks ]

Exports:
$509 billion (2016 est.) $548.8 billion (2015 est.)
country comparison to the world: 6
[see also: Exports country ranks ]

Exports - commodities:
semiconductors, petrochemicals, automobile/auto parts, ships, wireless communication equipment, flat display displays, steel, electronics, plastics, computers

Exports - partners:
China 26%, US 13.3%, Hong Kong 5.8%, Vietnam 5.3%, Japan 4.9% (2015)

Imports:
$405.1 billion (2016 est.) $428.5 billion (2015 est.)
country comparison to the world: 10
[see also: Imports country ranks ]

Imports - commodities:
crude oil/petroleum products, semiconductors, natural gas, coal, steel, computers, wireless communication equipment, automobiles, fine chemical, textiles

Imports - partners:
China 20.7%, Japan 10.5%, US 10.1%, Germany 4.8%, Saudi Arabia 4.5% (2015)

Reserves of foreign exchange and gold:
$372.7 billion (31 December 2016 est.) $367.9 billion (31 December 2015 est.)
country comparison to the world: 7
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$385.6 billion (31 December 2016 est.) $381.8 billion (31 December 2015 est.)
country comparison to the world: 31
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$179.6 billion (31 December 2016 est.) $174.6 billion (31 December 2015 est.)
country comparison to the world: 32
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$318 billion (31 December 2016 est.) $286.9 billion (31 December 2015 est.)
country comparison to the world: 22
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
South Korean won (KRW) per US dollar - 1,167.6 (2016 est.) 1,130.95 (2015 est.) 1,130.95 (2014 est.) 1,052.96 (2013 est.) 1,126.47 (2012 est.)


NOTE: The information regarding Korea, South on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Korea, South Economy 2017 information contained here. All suggestions for corrections of any errors about Korea, South Economy 2017 should be addressed to the CIA.




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