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South Korea
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PeopleSouth Korea
Field = Fields World Record = World Records  = Dictionary Bar Graph = Bar graph Distribution Maps = Distribution map Field History = Fields History Definitions = Definitions

Economy - overview:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

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):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$1.206 trillion (2007 est.)

GDP (official exchange rate):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$981.9 billion (2007 est.)

GDP - real growth rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

4.9% (2007 est.)

GDP - per capita (PPP):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$24,600 (2007 est.)

GDP - composition by sector:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

agriculture: 3.2%
industry: 39.6%
services: 57.2% (2007 est.)

Investment (gross fixed):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

27.8% of GDP (2007 est.)

Population below poverty line:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

15% (2003 est.)

Household income or consumption by percentage share:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

lowest 10%: 2.9%
highest 10%: 25% (2005 est.)

Distribution of family income - Gini index:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

35.1 (2006)

Inflation rate (consumer prices):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2.5% (2007)

Labor force:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

23.99 million (2007 est.)

Labor force participation rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

48.73 % of population

Labor force - by occupation:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

agriculture: 7.5%
industry: 17.3%
services: 75.2% (2007)

Unemployment rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

3.2% (2007 est.)

Budget:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

revenues: $269.7 billion
expenditures: $256.6 billion (2007 est.)

Budget revenues per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

5,479 USD per capita

Public debt:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

33.4% of GDP (2007 est.)

Industries:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

electronics, telecommunications, automobile production, chemicals, shipbuilding, steel

Industrial production growth rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

7.6% (2007 est.)

Electricity - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

403.2 billion kWh (2007)

Electricity - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

8,190 kWh per capita

Electricity - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

368.6 billion kWh (2007)

Electricity - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

7,487 kWh per capita

Electricity - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 kWh (2005)

Electricity - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 kWh (2005)

Oil - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

17,050 bbl/day (2005)

Oil - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

347 bbl/day per capita

Oil - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2.13 million bbl/day (2006)

Oil - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

15.79 bbl/year per capita

Oil - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

NA bbl/day

Oil - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2.41 million bbl/day (2006)

Oil - proved reserves:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 bbl (1 January 2006 est.)

Natural gas - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1.66 billion cu m (2006)

Natural gas - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

34 cu m per capita

Natural gas - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

34.2 billion cu m (2006)

Natural gas - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

695 cu m per capita

Natural gas - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2,450 cu m (2006)

Natural gas - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

35.86 billion cu m (2006)

Natural gas - proved reserves:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (1 January 2006 est.)

Agriculture - products:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish

Current account balance:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$5.95 billion (2007)

Current account balance - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

121 USD per capita

Exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$371.5 billion f.o.b. (2007)

Exports per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

7,546 USD per capita

Exports - commodities:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

Semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals

Exports - partners:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

China 22%, US 12.5%, Japan 7.1%, Hong Kong 5% (2007)

Imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$356.8 billion f.o.b. (2007)

Imports per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

7,248 USD per capita

Imports - commodities:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics

Imports - partners:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

China 17.7%, Japan 16%, US 10.7%, Saudi Arabia 5.9%, UAE 4.2% (2006)

Reserves of foreign exchange and gold:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$262.2 billion (31 December 2007)

Reserves of foreign exchange and gold - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

5,326 USD per capita

Debt - external:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$342.7 billion (30 September 2007)

Debt - external - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

6,961 USD per capita

Stock of direct foreign investment - at home:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$133 billion (30 September 2007)

Stock of direct foreign investment - abroad:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$82.1 billion (2006)

Market value of publicly traded shares:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$1.051 trillion (2007)

Economic aid - donor:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

ODA, $455.3 million (2006)

Economic aid - recipient:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$68.07 million (2004)

Economic aid - recipient per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2 USD per capita

Currency (code):
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

South Korean won (KRW)

Exchange rates:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

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:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

calendar year
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This page was last updated on 5 May, 2008

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