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Korea, South Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Korea, South Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 3, 2014

Economy - overview:
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 is currently the world's 12th largest economy. 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% annually between 2003 and 2007. Korea''s export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. 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):
$1.598 trillion (2012 est.)
country comparison to the world: 13

$1.566 trillion (2011 est.)
$1.51 trillion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.114 trillion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2% (2012 est.)
country comparison to the world: 135

3.7% (2011 est.)
6.3% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$31,900 (2012 est.)
country comparison to the world: 42

$31,500 (2011 est.)
$30,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
31.4% of GDP (2012 est.)
country comparison to the world: 22

31.9% of GDP (2011 est.)
32.4% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 53.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.8%
investment in fixed capital: 26.7%
investment in inventories: 0.8%
exports of goods and services: 56.5%
imports of goods and services: -53.4%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 2.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 39.8%
services: 57.5% (2012 est.)

Agriculture - products:
rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish

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

Industrial production growth rate:
1.7% (2012 est.)
country comparison to the world: 108
[see also: Industrial production growth rate country ranks ]

Labor force:
25.5 million (2012 est.)
country comparison to the world: 27
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 6.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23.8%
services: 70% (2012 est.)

Unemployment rate:
3.2% (2012 est.)
country comparison to the world: 26

3.4% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
16.5% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 6.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 37.7% (2011)

Distribution of family income - Gini index:
41.9 (2011)
country comparison to the world: 51

35.8 (2000)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $276.5 billion
[see also: Budget revenues country ranks ]
expenditures: $260.1 billion (2012 est.)

Taxes and other revenues:
24.8% of GDP (2012 est.)
country comparison to the world: 129
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1.5% of GDP (2012 est.)
country comparison to the world: 30
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
35.1% of GDP (2012 est.)
country comparison to the world: 106

36.2% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.2% (2012 est.)
country comparison to the world: 52

4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2011)
country comparison to the world: 131

1.25% (31 December 2009)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.39% (31 December 2012 est.)
country comparison to the world: 146

5.77% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$392 billion (31 December 2012 est.)
country comparison to the world: 14

$369.6 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.596 trillion (31 December 2012)
country comparison to the world: 12

$1.484 trillion (31 December 2011)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.219 trillion (31 December 2012 est.)
country comparison to the world: 16

$1.098 trillion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.024 trillion (31 December 2012)
country comparison to the world: 15

$994.3 billion (31 December 2011)
$1.089 trillion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$43.34 billion (2012 est.)
country comparison to the world: 14

$26.07 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$552.7 billion (2012 est.)
country comparison to the world: 7

$551.8 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals

Exports - partners:
China 24.4%, US 10.1%, Japan 7.1% (2011 est.)

Imports:
$514.2 billion (2012 est.)
country comparison to the world: 8

$520.1 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics

Imports - partners:
China 16.5%, Japan 13%, US 8.5%, Saudi Arabia 7.1%, Australia 5% (2011 est.)

Reserves of foreign exchange and gold:
$327 billion (31 December 2012 est.)
country comparison to the world: 9

$306.4 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$420.4 billion (31 December 2012 est.)
country comparison to the world: 27

$442.5 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$147.2 billion (31 December 2012 est.)
country comparison to the world: 30

$133.7 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$327.5 billion (31 December 2012)
country comparison to the world: 20

$190.4 billion (31 December 2011)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
South Korean won (KRW) per US dollar -

1,126.47 (2012 est.)
1,108.29 (2011 est.)
1,156.1 (2010 est.)
1,276.93 (2009)
1,101.7 (2008)


NOTE: 1) The information regarding Korea, South on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Korea, South Economy 2014 information contained here. All suggestions for corrections of any errors about Korea, South Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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