Korea South Economy - 2024

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.)

Unemployment rate

3.53% (2021 est.)
3.93% (2020 est.)
3.75% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7.8% (2021 est.)

male: 8.8%

female: 6.9%

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.)

Remittances

0.43% of GDP (2021 est.)
0.45% of GDP (2020 est.)
0.43% of GDP (2019 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 -

Exchange rates:
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.)