| People | South Korea |
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Economy - overview:
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Since the 1960s, South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy. Four decades ago, 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. Today its GDP per capita is roughly the same as that of Greece and Spain. This success was achieved by a system of close government/business ties including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. 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, massive foreign borrowing, and an undisciplined financial sector. GDP plunged by 6.9% in 1998, then recovered by 9.5% in 1999 and 8.5% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms had stalled. Led by consumer spending and exports, growth in 2002 was an impressive 7%, despite anemic global growth. Between 2003 and 2007, growth moderated to about 4-5% annually. A downturn in consumer spending was offset by rapid export growth. Moderate inflation, low unemployment, and an export surplus in 2007 characterize this solid economy, but inflation and unemployment are increasing in the face of rising oil prices. |
GDP (purchasing power parity):
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$1.206 trillion (2007 est.) |
GDP (official exchange rate):
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$981.9 billion (2007 est.) |
GDP - real growth rate:
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4.9% (2007 est.) |
GDP - per capita (PPP):
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$24,600 (2007 est.) |
GDP - composition by sector:
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agriculture: 3.2%
industry: 39.6%
services: 57.2% (2007 est.) |
Investment (gross fixed):
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27.8% of GDP (2007 est.) |
Population below poverty line:
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15% (2003 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.9%
highest 10%: 25% (2005 est.) |
Distribution of family income - Gini index:
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35.1 (2006) |
Inflation rate (consumer prices):
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2.5% (2007) |
Labor force:
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23.99 million (2007 est.) |
Labor force participation rate:
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48.73 % of population |
Labor force - by occupation:
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agriculture: 7.5%
industry: 17.3%
services: 75.2% (2007) |
Unemployment rate:
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3.2% (2007 est.) |
Budget:
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revenues: $269.7 billion
expenditures: $256.6 billion (2007 est.) |
Budget revenues per capita:
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5,479 USD per capita |
Public debt:
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33.4% of GDP (2007 est.) |
Industries:
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electronics, telecommunications, automobile production, chemicals, shipbuilding, steel |
Industrial production growth rate:
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7.6% (2007 est.) |
Electricity - production:
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403.2 billion kWh (2007) |
Electricity - production per capita:
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8,190 kWh per capita |
Electricity - consumption:
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368.6 billion kWh (2007) |
Electricity - consumption - per capita:
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7,487 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
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17,050 bbl/day (2005) |
Oil - production per capita:
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347 bbl/day per capita |
Oil - consumption:
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2.13 million bbl/day (2006) |
Oil - consumption - per capita:
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15.79 bbl/year per capita |
Oil - exports:
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NA bbl/day |
Oil - imports:
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2.41 million bbl/day (2006) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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1.66 billion cu m (2006) |
Natural gas - production per capita:
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34 cu m per capita |
Natural gas - consumption:
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34.2 billion cu m (2006) |
Natural gas - consumption - per capita:
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695 cu m per capita |
Natural gas - exports:
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2,450 cu m (2006) |
Natural gas - imports:
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35.86 billion cu m (2006) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish |
Current account balance:
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$5.95 billion (2007) |
Current account balance - per capita:
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121 USD per capita |
Exports:
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$371.5 billion f.o.b. (2007) |
Exports per capita:
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7,546 USD per capita |
Exports - commodities:
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Semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals |
Exports - partners:
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China 22%, US 12.5%, Japan 7.1%, Hong Kong 5% (2007) |
Imports:
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$356.8 billion f.o.b. (2007) |
Imports per capita:
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7,248 USD per capita |
Imports - commodities:
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machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics |
Imports - partners:
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China 17.7%, Japan 16%, US 10.7%, Saudi Arabia 5.9%, UAE 4.2% (2006) |
Reserves of foreign exchange and gold:
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$262.2 billion (31 December 2007) |
Reserves of foreign exchange and gold - per capita:
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5,326 USD per capita |
Debt - external:
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$342.7 billion (30 September 2007) |
Debt - external - per capita:
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6,961 USD per capita |
Stock of direct foreign investment - at home:
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$133 billion (30 September 2007) |
Stock of direct foreign investment - abroad:
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$82.1 billion (2006) |
Market value of publicly traded shares:
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$1.051 trillion (2007) |
Economic aid - donor:
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ODA, $455.3 million (2006) |
Economic aid - recipient:
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$68.07 million (2004) |
Economic aid - recipient per capita:
|
2 USD per capita |
Currency (code):
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South Korean won (KRW) |
Exchange rates:
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South Korean won per US dollar - 929.2 (2007), 954.8 (2006), 1,024.1 (2005), 1,145.3 (2004), 1,191.6 (2003) |
Fiscal year:
|
calendar year |
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