South Korea - Economy
How is the economy of South Korea? Based on the information we have, South Korea has a

high-income, export- and technology-oriented East Asian economy; manufacturing led by semiconductor and automotive industries; slow growth amid declining construction investment, export risks, and recent political instability; aging workforce; increased restraint in fiscal policy while maintaining industry support initiatives

. Key agricultural products in this country include: rice, vegetables, cabbages, milk, onions, pork, chicken, eggs, tangerines/mandarins, potatoes (2023).
More about the economy of South Korea
Labor force 29.713 million (2024 est.)
Industrial production growth rate 1.1% (2023 est.)
Industries electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
Population below poverty line
Taxes and other revenues 15.7% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Currency South Korean won (KRW) per US dollar -
Exchange rates 2024 1,363.375 (2024 est.)
Exchange rates 2023 1,305.662 (2023 est.)
Exchange rates 2022 1,291.447 (2022 est.)
Exchange rates 2021 1,143.952 (2021 est.)
Exchange rates 2020 1,180.266 (2020 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $418.219 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $420.93 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $423.366 billion (2022 est.)
Current account balance
Current account balance 2024 $99.043 billion (2024 est.)
Current account balance 2023 $32.822 billion (2023 est.)
Current account balance 2022 $25.829 billion (2022 est.)
Public debt
Public debt 2023 52.3% of GDP (2023 est.)
Budget
Revenues $513.21 billion (2023 est.)
Expenditures $532.023 billion (2023 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.4% of GDP (2023 est.)
Remittances 2022 0.5% of GDP (2022 est.)
Remittances 2021 0.4% of GDP (2021 est.)
Household income
Lowest 10% 2.9% (2021 est.)
Highest 10% 24.6% (2021 est.)
Average household expenditures
On food 12.3% of household expenditures (2023 est.)
On alcohol and tobacco 1.5% of household expenditures (2023 est.)
Imports
Imports 2024 $758.724 billion (2024 est.)
Imports 2023 $758.41 billion (2023 est.)
Imports 2022 $817.594 billion (2022 est.)
Imports (partners) China 31%, USA 13%, Japan 9%, Germany 5%, Australia 4% (2023)
Comodities Imports force integrated circuits, natural gas, crude petroleum, machinery, cars (2023)
Exports
Imports 2024 $758.724 billion (2024 est.)
Imports 2023 $758.41 billion (2023 est.)
Imports 2022 $817.594 billion (2022 est.)
Exports (partners) China 25%, USA 18%, Hong Kong 4%, Japan 4%, Taiwan 4% (2023)
Comodities Exports force integrated circuits, cars, refined petroleum, plastics, machine parts (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $2.607 trillion (2023 est.)
Real GDP (purchasing power parity) 2022 $2.572 trillion (2022 est.)
Real GDP (purchasing power parity) 2021 $2.507 trillion (2021 est.)
GDP (official exchange rate) $1.713 trillion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $50,400 (2023 est.)
Real GDP per capita 2022 $49,800 (2022 est.)
Real GDP per capita 2021 $48,400 (2021 est.)
GDP - composition, by sector of origin
Agriculture 1.6% (2023 est.)
Industry 31.6% (2023 est.)
Services 58.4% (2023 est.)
GDP - composition, by end use
Household consumption 48.9% (2023 est.)
Government consumption 18.9% (2023 est.)
Investment in fixed capital 32.2% (2023 est.)
Investment in inventories -0.1% (2023 est.)
Exports of goods and services 44% (2023 est.)
Imports of goods and services -43.9% (2023 est.)
Unemployment rate
Unemployment rate 2024 2.7% (2024 est.)
Unemployment rate 2023 2.7% (2023 est.)
Unemployment rate 2022 2.9% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 5.9% (2024 est.)
Male 6% (2024 est.)
Female 5.8% (2024 est.)
All Important Facts about South Korea

Want to know more about South Korea? Check all different factbooks for South Korea below.

South Korea is found in Eastern Asia