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Korea, South Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Korea, South Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
South Korea over the past four decades has demonstrated incredible 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, and is currently the world's 12th largest economy. 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. 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 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face 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 heavy reliance on exports, which comprise about half of GDP.

GDP (purchasing power parity):
$1.666 trillion (2013 est.)
country comparison to the world: 13

$1.62 trillion (2012 est.)
$1.587 trillion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.198 trillion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2013 est.)
country comparison to the world: 123

2% (2012 est.)
3.7% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$33,200 (2013 est.)
country comparison to the world: 42

$32,400 (2012 est.)
$31,900 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
31.9% of GDP (2013 est.)
country comparison to the world: 22

31.4% of GDP (2012 est.)
31.9% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 53.1%
government consumption: 15.9%
investment in fixed capital: 27%
investment in inventories: 0.3%
exports of goods and services: 54.6%
imports of goods and services: -50.8%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 2.6%
industry: 39.2%
services: 58.2% (2013 est.)

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:
2.5% (2013 est.)
country comparison to the world: 120
[see also: Industrial production growth rate country ranks ]

Labor force:
25.86 million (2013 est.)
country comparison to the world: 25
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 6.9%
industry: 23.6%
services: 69.4% (October 2013 est.)

Unemployment rate:
3.2% (2013 est.)
country comparison to the world: 26

3.2% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
16% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 6.4%
highest 10%: 37.7% (2011)

Distribution of family income - Gini index:
31.1 (2011 est.)
country comparison to the world: 112

35.8 (2000)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $296.1 billion
expenditures: $287.2 billion (2013 est.)

Taxes and other revenues:
24.7% of GDP (2013 est.)
country comparison to the world: 133
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.7% of GDP (2013 est.)
country comparison to the world: 31
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
35.8% of GDP (2013 est.)
country comparison to the world: 106

35.5% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.1% (2013 est.)
country comparison to the world: 30

2.2% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.5% (31 December 2013)
country comparison to the world: 108

2.75% (31 December 2012)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.7% (31 December 2013 est.)
country comparison to the world: 144

5.39% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$465.2 billion (31 December 2013 est.)
country comparison to the world: 12

$426 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.764 trillion (31 December 2013 est.)
country comparison to the world: 10

$1.664 trillion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.266 trillion (31 December 2013 est.)
country comparison to the world: 16

NA% (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.068 trillion (31 December 2013 est.)
country comparison to the world: 11

$1.078 trillion (28 December 2012)
$904.7 billion (29December 2011 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$55.69 billion (2013 est.)
country comparison to the world: 11

$43.34 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$557.3 billion (2013 est.)
country comparison to the world: 9

$547.9 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
semiconductors, wireless telecommunications equipment, motor vehicles, auto parts, computers, display, home appliances, wire telecommunication equipment, steel, ships, petrochemicals

Exports - partners:
China 24.5%, US 10.7%, Japan 7.1%, Hong Kong 6%, Singapore 4.2% (2012 est.)

Imports:
$516.6 billion (2013 est.)
country comparison to the world: 9

$519.6 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, electronics and electronic equipment, oil, steel, optical instruments, transport equipment, organic chemicals, plastics

Imports - partners:
China 15.6%, Japan 12.4%, US 8.3%, Saudi Arabia 7.6%, Qatar 4.9%, Australia 4.4% (2011 est.)

Reserves of foreign exchange and gold:
$341.8 billion (31 December 2013 est.)
country comparison to the world: 9

$327 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$430.9 billion (31 December 2013 est.)
country comparison to the world: 28

$425.1 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$152.3 billion (31 December 2013 est.)
country comparison to the world: 30

$147.2 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$223.2 billion (31 December 2013 est.)
country comparison to the world: 23

$196.4 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
South Korean won (KRW) per US dollar -

1,107.3 (2013 est.)
1,126.47 (2012 est.)
1,156.1 (2010 est.)
1,276.93 (2009)
1,101.7 (2008)


NOTE: 1) The information regarding Korea, South on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Korea, South Economy 2015 information contained here. All suggestions for corrections of any errors about Korea, South Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 10-Feb-15
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