South Korea - Economy
How is the economy of South Korea? Based on the information we have, South Korea has a strong export- and technology-oriented East Asian economy; manufacturing led by semiconductor and automotive industries; aging workforce; increased restraint in fiscal policy while maintaining industry support initiatives. Key agricultural products in this country include: rice, vegetables, cabbages, milk, pork, onions, chicken, eggs, tangerines/mandarins, potatoes (2022).
More about the economy of South Korea
Labor force 29.611 million (2023 est.)
Industrial production growth rate 1.14% (2023 est.)
Industries electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
Population below poverty line 14.4% (2016 est.)
Taxes and other revenues 18.44% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency South Korean won (KRW) per US dollar -
Exchange rates 2023 1,305.663 (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.)
Exchange rates 2019 1,165.358 (2019 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $420.93 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $423.366 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $463.281 billion (2021 est.)
Current account balance
Current account balance 2023 $35.488 billion (2023 est.)
Current account balance 2022 $25.829 billion (2022 est.)
Current account balance 2021 $85.228 billion (2021 est.)
Public debt
Public debt 2022 51.18% of GDP (2022 est.)
Budget
Revenues $542.275 billion (2022 est.)
Expenditures $563.156 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.45% of GDP (2023 est.)
Remittances 2022 0.47% of GDP (2022 est.)
Remittances 2021 0.43% of GDP (2021 est.)
Household income
Lowest 10% 2.8% (2016 est.)
Highest 10% 24% (2016 est.)
Average household expenditures
On food 12.1% of household expenditures (2022 est.)
On alcohol and tobacco 1.8% of household expenditures (2022 est.)
Imports
Imports 2023 $761.102 billion (2023 est.)
Imports 2022 $817.594 billion (2022 est.)
Imports 2021 $698.98 billion (2021 est.)
Imports (partners) China 23%, US 11%, Japan 8%, Australia 6%, Saudi Arabia 5% (2022)
Comodities Imports force crude petroleum, integrated circuits, natural gas, coal, refined petroleum (2022)
Exports
Imports 2023 $761.102 billion (2023 est.)
Imports 2022 $817.594 billion (2022 est.)
Imports 2021 $698.98 billion (2021 est.)
Exports (partners) China 21%, US 16%, Vietnam 9%, Japan 4%, Hong Kong 4% (2022)
Comodities Exports force integrated circuits, refined petroleum, cars, broadcasting equipment, ships (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $2.615 trillion (2023 est.)
Real GDP (purchasing power parity) 2022 $2.58 trillion (2022 est.)
Real GDP (purchasing power parity) 2021 $2.515 trillion (2021 est.)
GDP (official exchange rate) $1.713 trillion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $50,600 (2023 est.)
Real GDP per capita 2022 $49,900 (2022 est.)
Real GDP per capita 2021 $48,600 (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.)
Exports of goods and services 44% (2023 est.)
Imports of goods and services -43.9% (2023 est.)
Unemployment rate
Unemployment rate 2023 2.64% (2023 est.)
Unemployment rate 2022 2.86% (2022 est.)
Unemployment rate 2021 3.64% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 5.4% (2023 est.)
Male 5.4% (2023 est.)
Female 5.4% (2023 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