Economy of South Korea
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|
| Currency | ₩10,000KRW = $8.648 USD |
|---|---|
| calendar year | |
|
Trade organizations
|
APEC, WTO, OECD, G-20 |
| Statistics | |
| GDP | Nominal: $1.4466 trillion (projected numbers) (2017) PPP: $1.9865 trillion (2017) |
| GDP rank | 11th (nominal) / 14th (PPP) |
|
GDP growth
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2.7% (2016) |
|
GDP per capita
|
$28,462 (nominal, IMF, 2017 est.) $39,276 (PPP, IMF, 2017 est.) |
|
GDP by sector
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Agriculture: 2.6%, industry: 39.2%, services: 58.2% (2010) |
| 1.1%, Jan 2014 | |
|
Population below poverty line
|
15% (below income of 19,179 USD 2007 est.) |
| 30.2 (2015) | |
|
Labor force
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25 million (2012 est.) |
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Labor force by occupation
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Agriculture: 6.4%, industry: 24.2%, services: 69.4% (2011 est.) |
| Unemployment | 3.1% (Oct. 2015) |
|
Main industries
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Electronics, telecommunications, automobile production, chemicals, shipbuilding, steel |
| 5th (2017) | |
| External | |
| Exports | $526.76 billion (6th)(2015) |
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Export goods
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semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals |
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Main export partners
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 China 25.4% United States 12.3% Japan 5.6% Hong Kong 4.8% Singapore 4.2% (2014 est.) |
| Imports | $542.9 billion (7th; 2014 est.) |
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Import goods
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machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics |
|
Main import partners
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China 17.1% Japan 10.2% United States 8.7% Saudi Arabia 7% Qatar 4.9% Germany 4.1% (2014 est.) |
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Gross external debt
|
$430.9 billion (31 December 2011 est.) |
| Public finances | |
| 33.7% of GDP (2012 est.) | |
| Revenues | $296.1 billion (2013 est.) |
| Expenses | $287.2 billion (2013 est.) |
| Economic aid | ODA, $900 million (donor) (2009) aid to North Korea excluded |
|
|
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Foreign reserves
|
$368.1 billion (November 5, 2015 est.) |
$28,462 (nominal, IMF, 2017 est.)
The economy of South Korea is the fourth largest economy in Asia and the 11th largest in the world. It is a mixed economy dominated by family-owned conglomerates called chaebols, however, the dominance of chaebol is unlikely and at risk to support the transformation of Korean economy for the future generations. South Korea is famous for its spectacular rise from one of the poorest countries in the world to a developed, high-income country in just one generation. This economic miracle, commonly known as the Miracle on the Han River, brought South Korea to the ranks of elite countries in the OECD and the G-20. South Korea still remains one of the fastest growing developed countries in the world following the Great Recession. It is included in the group of Next Eleven countries that will dominate the global economy in the middle of the 21st century.
By creating favorable policy directive for economic development as preceded by Japanese economic recovery as the logistic supplying bastion for American troops in the Korean peninsula during and after the Korean War, South Korea's rigorous education system and the establishment of a highly motivated and educated populace is largely responsible for spurring the country's high technology boom and rapid economic development. Having almost no natural resources and always suffering from overpopulation in its small territory, which deterred continued population growth and the formation of a large internal consumer market, South Korea adapted an export-oriented economic strategy to fuel its economy, and in 2014, South Korea was the seventh largest exporter and seventh largest importer in the world. Bank of Korea and Korea Development Institute periodically release major economic indicators and economic trends of the economy of South Korea.
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Wikipedia