| Economy | South Korea |
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Economy - overview:
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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 currently is among the world's 20 largest economies. 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. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4-5% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.2% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was estimated to be 3.9% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP. |
GDP (purchasing power parity):
|
$1.554 trillion (2011 est.)
$1.495 trillion (2010 est.)
$1.409 trillion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$31,700 (2011 est.)
$30,600 (2010 est.)
$28,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$1.164 trillion (2011 est.) |
GDP - real growth rate:
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3.9% (2011 est.)
6.2% (2010 est.)
0.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 3%
industry: 39.4%
services: 57.6% (2008 est.) |
Investment (gross fixed):
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27.4% of GDP (2011 est.) |
Population below poverty line:
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15% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.7%
highest 10%: 24.2% (2007) |
Distribution of family income - Gini index:
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31 (2010)
35.8 (2000) |
Inflation rate (consumer prices):
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4.2% (2011 est.)
3% (2010 est.) |
Central bank discount rate:
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1.5% (31 December 2011)
1.25% (31 December 2009) |
Commercial bank prime lending rate:
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5.9% (31 December 2011 est.)
5.508% (31 December 2010 est.) |
Stock of money:
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$73.16 billion (31 December 2008)
$92.59 billion (31 December 2007) |
Stock of money - per capita:
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1,501 USD per capita |
Stock of quasi money:
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$473.4 billion (31 December 2008)
$541.7 billion (31 December 2007) |
Stock of quasi money - per capita:
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9,710 USD per capita |
Stock of domestic credit:
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$1.14 trillion (31 December 2011 est.)
$1.066 trillion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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23,383 USD per capita |
Stock of narrow money:
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$377 billion (31 December 2010 est.)
$334.4 billion (31 December 2009 est.) |
Stock of broad money:
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$1.346 trillion (31 December 2009)
$1.132 trillion (31 December 2008) |
Labor force:
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25.09 million (2011 est.) |
Labor force participation rate:
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51.46 % of population |
Labor force - by occupation:
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agriculture: 7%
industry: 23.6%
services: 69.4% (2011 est.) |
Unemployment rate:
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3.4% (2011 est.)
3.7% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 9.8%
male: 11.9%
female: 8.5% (2009) |
Budget:
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revenues: $267.9 billion
expenditures: $242 billion (2011 est.) |
Budget revenues per capita:
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5,495 USD per capita |
Taxes and other revenues:
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23% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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2.2% of GDP (2011 est.) |
Public debt:
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22.9% of GDP (2011 est.)
23.1% of GDP (2010 est.) |
Industries:
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electronics, telecommunications, automobile production, chemicals, shipbuilding, steel |
Industrial production growth rate:
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7.4% (2011 est.) |
Electricity - production:
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417.3 billion kWh (2009 est.) |
Electricity - production per capita:
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8,560 kWh per capita |
Electricity - consumption:
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402 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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8,246 kWh per capita |
Electricity - exports:
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0 kWh (2010) |
Electricity - imports:
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0 kWh (2010) |
Oil - production:
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48,400 bbl/day (2010 est.) |
Oil - production per capita:
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993 bbl/day per capita |
Oil - consumption:
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2.251 million bbl/day (2010 est.) |
Oil - consumption - per capita:
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16.85 bbl/year per capita |
Oil - exports:
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907,100 bbl/day
note: exports consist of oil derivatives (gasoline, light oil, and diesel), not crude oil (2009 est.) |
Oil - imports:
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3.1 million bbl/day (2010 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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542 million cu m (2010 est.) |
Natural gas - production per capita:
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12 cu m per capita |
Natural gas - consumption:
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42.69 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
|
876 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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43.58 billion cu m (2010 est.) |
Natural gas - proved reserves:
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50 billion cu m (1 January 2008 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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$22.1 billion (2011 est.)
$28.21 billion (2010 est.) |
Current account balance - per capita:
|
454 USD per capita |
Exports:
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$558.8 billion (2011 est.)
$464.3 billion (2010 est.) |
Exports per capita:
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11,462 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 27.9%, US 10.2%, Japan 5.8% (2010) |
Imports:
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$525.2 billion (2011 est.)
$422.4 billion (2010 est.) |
Imports per capita:
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10,773 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 17.9%, Japan 16.2%, US 10.1%, Saudi Arabia 5.2%, Australia 4.9% (2010) |
Reserves of foreign exchange and gold:
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$320.1 billion (31 December 2011 est.)
$291.6 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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6,566 USD per capita |
Debt - external:
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$397.3 billion (31 December 2011 est.)
$361.3 billion (31 December 2010 est.) |
Debt - external - per capita:
|
8,149 USD per capita |
Stock of direct foreign investment - at home:
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$130.3 billion (31 December 2011 est.)
$127 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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2,673 USD per capita |
Stock of direct foreign investment - abroad:
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$139 billion (31 December 2010)
$120.4 billion (31 December 2009) |
Stock of direct foreign investment - abroad - per capita:
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2,852 USD per capita |
Market value of publicly traded shares:
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$1.066 trillion (31 October 2011)
$1.089 trillion (31 December 2010)
$836.5 billion (31 December 2009) |
Market value of publicly traded shares - per capita:
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21,865 USD per capita |
Currency (code):
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South Korean won (KRW) |
Exchange rates:
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South Korean won (KRW) per US dollar -
1,107.3 (2011 est.)
1,156.06 (2010 est.)
1,276.93 (2009)
1,101.7 (2008)
929.2 (2007) |
Fiscal year:
|
calendar year |
|
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