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.) |
| Debt - external | |
| Debt - external 2019 | $457.745 billion (2019 est.) |
| Debt - external 2018 | $435.98 billion (2018 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 | $378.552 billion (2019 est.) |
| Expenditures | $372.412 billion (2019 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 | 12.8% of household expenditures (2021 est.) |
| On alcohol and tobacco | 1.8% of household expenditures (2021 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 | 2.2% (2017 est.) |
| Industry | 39.3% (2017 est.) |
| Services | 58.3% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 48.1% (2017 est.) |
| Government consumption | 15.3% (2017 est.) |
| Investment in fixed capital | 31.1% (2017 est.) |
| Investment in inventories | 0% (2017 est.) |
| Exports of goods and services | 43.1% (2017 est.) |
| Imports of goods and services | -37.7% (2017 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.
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South Korea Factbook
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The Economy of South Korea
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Learn about the Government of South Korea
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Communication in South Korea
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Popular Universities in South Korea
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Enerny in South Korea
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Transport in South Korea
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The Geography and society of South Korea
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The Environment of South Korea
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Military and security in South Korea