| Economy | South Korea |
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Economy - overview:
|
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. In 2008, its GDP per capita was roughly the same as that of the Czech Republic and New Zealand. Initially, 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% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. 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. In 2008, inflation increased in the face of rising oil and food prices before easing in the fourth quarter. Korea was hit hard by the global financial turmoil that began in September 2008. Stock prices fell by more than 40% for the year and the value of the won fell by approximately 26%. Korean GDP shrank in the fourth quarter and GDP growth for the year was just 2.5%. The Korean government adopted several measures to combat the credit crunch and stimulate the economy. |
GDP (purchasing power parity):
|
$1.278 trillion (2008 est.)
$1.247 trillion (2007)
$1.173 trillion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$26,000 (2008 est.)
$25,500 (2007 est.)
$24,400 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$857.5 billion (2008 est.) |
GDP - real growth rate:
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2.5% (2008 est.)
5% (2007 est.)
5.1% (2006 est.) |
GDP - composition by sector:
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agriculture: 3%
industry: 39.5%
services: 57.6% (2008 est.) |
Investment (gross fixed):
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27.1% of GDP (2008 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%: 2.7%
highest 10%: 24.2% (2007) |
Distribution of family income - Gini index:
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31.3 (2007) |
Inflation rate (consumer prices):
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4.7% (2008 est.) |
Central bank discount rate:
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3% (31 December 2008) |
Commercial bank prime lending rate:
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7% (31 December 2008) |
Stock of money:
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$80.66 billion (31 December 2008) |
Stock of money - per capita:
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1,663 USD per capita |
Stock of quasi money:
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$478 billion (31 December 2008) |
Stock of quasi money - per capita:
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9,854 USD per capita |
Stock of domestic credit:
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$937 billion (31 December 2008) |
Stock of domestic credit - per capita:
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19,317 USD per capita |
Labor force:
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24.35 million (2008 est.) |
Labor force participation rate:
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50.20 % of population |
Labor force - by occupation:
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agriculture: 7.2%
industry: 25.1%
services: 67.7% (2007) |
Unemployment rate:
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3.2% (2008 est.) |
Budget:
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revenues: $232.2 billion
expenditures: $222.9 billion (2008 est.) |
Budget revenues per capita:
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4,787 USD per capita |
Public debt:
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32.7% of GDP (2008 est.) |
Industries:
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electronics, telecommunications, automobile production, chemicals, shipbuilding, steel |
Industrial production growth rate:
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4.5% (2008 est.) |
Electricity - production:
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440 billion kWh (2008 est.) |
Electricity - production per capita:
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9,071 kWh per capita |
Electricity - consumption:
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385.1 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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7,939 kWh per capita |
Electricity - exports:
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0 kWh (2008 est.) |
Electricity - imports:
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0 kWh (2008 est.) |
Oil - production:
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20,970 bbl/day (2007 est.) |
Oil - production per capita:
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433 bbl/day per capita |
Oil - consumption:
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2.08 million bbl/day (2008 est.) |
Oil - consumption - per capita:
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15.65 bbl/year per capita |
Oil - exports:
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910,000 bbl/day
note: exports consist of oil derivatives (gasoline, light oil, and diesel), not crude oil (2008 est.) |
Oil - imports:
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2.37 million bbl/day (2008) |
Oil - proved reserves:
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NA bbl |
Natural gas - production:
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640 million cu m (2007 est.) |
Natural gas - production per capita:
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14 cu m per capita |
Natural gas - consumption:
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37 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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763 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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34.4 billion cu m (2007 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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-$6.41 billion (2008) |
Current account balance - per capita:
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-132 USD per capita |
Exports:
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$419 billion f.o.b. (2008) |
Exports per capita:
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8,638 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 22.1%, US 12.4%, Japan 7.1%, Hong Kong 5% (2007) |
Imports:
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$435 billion f.o.b. (2008 est.) |
Imports per capita:
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8,968 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 15.8%, US 10.5%, Saudi Arabia 5.9% (2007) |
Reserves of foreign exchange and gold:
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$201.2 billion (31 December 2008) |
Reserves of foreign exchange and gold - per capita:
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4,148 USD per capita |
Debt - external:
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$380.5 billion (31 December 2008) |
Debt - external - per capita:
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7,844 USD per capita |
Stock of direct foreign investment - at home:
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$103.7 billion (30 June 2008) |
Stock of direct foreign investment - at home - per capita:
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2,138 USD per capita |
Stock of direct foreign investment - abroad:
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$74.6 billion (30 June 2008) |
Stock of direct foreign investment - abroad - per capita:
|
1,538 USD per capita |
Market value of publicly traded shares:
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$623 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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12,843 USD per capita |
Economic aid - donor:
|
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):
|
South Korean won (KRW) |
Exchange rates:
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South Korean won (KRW) per US dollar - 1,101.7 (2008 est.), 929.2 (2007), 954.8 (2006), 1,024.1 (2005), 1,145.3 (2004) |
Fiscal year:
|
calendar year |
|
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