Korea South Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

strong export-driven East Asian economy; sustainable and social policy leader; foreign aid financier; automotive manufacturing; app-based developer and exporter; global healthcare technology leader; aging workforce; largest semiconductor producer

Real GDP (purchasing power parity)

$2.289 trillion (2021 est.)

$2.198 trillion (2020 est.)

$2.213 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.15% (2021 est.)

-0.71% (2020 est.)

2.24% (2019 est.)

Real GDP per capita

$44,200 (2021 est.)

$42,400 (2020 est.)

$42,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1,646,604,000,000 (2019 est.)

Inflation rate (consumer prices)

2.5% (2021 est.)

0.54% (2020 est.)

0.38% (2019 est.)

Credit ratings

Fitch rating: AA- (2012)

Moody's rating: Aa2 (2015)

Standard & Poors rating: AA (2016)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.2% (2017 est.)

industry: 39.3% (2017 est.)

services: 58.3% (2017 est.)

GDP - composition, by end use

household consumption: 48.1% (2017 est.)

government consumption: 15.3% (2017 est.)

investment in fixed capital: 31.1% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 43.1% (2017 est.)

imports of goods and services: -37.7% (2017 est.)

Agricultural products

rice, vegetables, cabbages, milk, onions, pork, poultry, eggs, tangerines/mandarins, potatoes

Industries

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

Industrial production growth rate

5.09% (2021 est.)

Labor force

28.674 million (2021 est.)

Labor force - by occupation

agriculture: 4.8%

industry: 24.6%

services: 70.6% (2017 est.)

Unemployment rate

3.53% (2021 est.)

3.93% (2020 est.)

3.75% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7.8%

male: 8.8%

female: 6.9% (2021 est.)

Population below poverty line

14.4% (2016 est.)

Gini Index coefficient - distribution of family income

31.4 (2016 est.)

Average household expenditures

on food: 13.8% of household expenditures (2018 est.)

on alcohol and tobacco: 2.7% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 6.8%

highest 10%: 48.5% (2015 est.)

Budget

revenues: $378.552 billion (2019 est.)

expenditures: $372.412 billion (2019 est.)

Budget surplus (+) or deficit (-)

1.4% (of GDP) (2017 est.)

Public debt

46.43% of GDP (2020 est.)

39.97% of GDP (2019 est.)

37.56% of GDP (2018 est.)

Taxes and other revenues

14.86% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$88.302 billion (2021 est.)

$75.902 billion (2020 est.)

$59.676 billion (2019 est.)

Exports

$771.202 billion (2021 est.) note: data are in current year dollars

$607.505 billion (2020 est.) note: data are in current year dollars

$660.507 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 24%, US 15%, Vietnam 9%, Hong Kong 6%, Japan 5% (2021)

Exports - commodities

integrated circuits, cars and vehicle parts, refined petroleum, office machinery, ships, telephones (2021)

Imports

$698.103 billion (2021 est.) note: data are in current year dollars

$541.57 billion (2020 est.) note: data are in current year dollars

$607.54 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 24%, US 12%, Japan 9%, Vietnam 4%, Taiwan 4% (2021)

Imports - commodities

crude oil, integrated circuits, natural gas, refined petroleum, photo lab equipment, cars, iron (2021)

Reserves of foreign exchange and gold

$463.281 billion (31 December 2021 est.)

$443.463 billion (31 December 2020 est.)

$408.819 billion (31 December 2019 est.)

Debt - external

$457.745 billion (2019 est.)

$435.98 billion (2018 est.)

Exchange rates

South Korean won (KRW) per US dollar -

1,143.952 (2021 est.)

1,180.266 (2020 est.)

1,165.358 (2019 est.)

1,100.163 (2018 est.)

1,131.001 (2017 est.)

NOTE: The information regarding Korea South on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Korea South 2023 information contained here. All suggestions for corrections of any errors about Korea South 2023 should be addressed to the CIA or the source cited on each page.