unbekannter Gast

South Korea: Economy#

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. South 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. South 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-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge 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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

Economic Facts#

GDP (purchasing power parity)$1.666 trillion (2013 est.)
$1.62 trillion (2012 est.)
$1.587 trillion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.8% (2013 est.)
2% (2012 est.)
3.7% (2011 est.)
GDP - per capita (PPP)$33,200 (2013 est.)
$32,400 (2012 est.)
$31,900 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 2.6%
industry: 39.2%
services: 58.2% (2013 est.)
Population below poverty line16% (2009 est.)
Household income or consumption by percentage sharelowest 10%: 6.4%
highest 10%: 37.7% (2011)
Labor force - by occupationagriculture: 6.9%
industry: 23.6%
services: 69.4% (October 2013 est.)
Exports - commoditiessemiconductors, wireless telecommunications equipment, motor vehicles, auto parts, computers, display, home appliances, wire telecommunication equipment, steel, ships, petrochemicals
Exports - partnersChina 24.5%, US 10.7%, Japan 7.1%, Hong Kong 6%, Singapore 4.2% (2012 est.)
Agriculture - productsrice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish
Budgetrevenues: $296.1 billion
expenditures: $287.2 billion (2013 est.)
Imports - commoditiesmachinery, electronics and electronic equipment, oil, steel, optical instruments, transport equipment, organic chemicals, plastics
Imports - partnersChina 15.6%, Japan 12.4%, US 8.3%, Saudi Arabia 7.6%, Qatar 4.9%, Australia 4.4% (2011 est.)
Exchange ratesSouth Korean won (KRW) per US dollar -
1,107.3 (2013 est.)
1,126.47 (2012 est.)
1,156.1 (2010 est.)
1,276.93 (2009)
1,101.7 (2008)
Exports$557.3 billion (2013 est.)
$547.9 billion (2012 est.)
Debt - external$430.9 billion (31 December 2013 est.)
$425.1 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$516.6 billion (2013 est.)
$519.6 billion (2012 est.)
Industrial production growth rate2.5% (2013 est.)
Industrieselectronics, telecommunications, automobile production, chemicals, shipbuilding, steel
Inflation rate (consumer prices)1.1% (2013 est.)
2.2% (2012 est.)
Labor force25.86 million (2013 est.)
Unemployment rate3.2% (2013 est.)
3.2% (2012 est.)
Distribution of family income - Gini index31.1 (2011 est.)
35.8 (2000)
Public debt35.8% of GDP (2013 est.)
35.5% of GDP (2012 est.)
Current account balance$55.69 billion (2013 est.)
$43.34 billion (2012 est.)
Reserves of foreign exchange and gold$341.8 billion (31 December 2013 est.)
$327 billion (31 December 2012 est.)
GDP (official exchange rate)$1.198 trillion (2013 est.)
Stock of direct foreign investment - at home$152.3 billion (31 December 2013 est.)
$147.2 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$223.2 billion (31 December 2013 est.)
$196.4 billion (31 December 2012 est.)
Market value of publicly traded shares$1.068 trillion (31 December 2013 est.)
$1.078 trillion (28 December 2012)
$904.7 billion (29December 2011 est.)
Central bank discount rate2.5% (31 December 2013)
2.75% (31 December 2012)
Commercial bank prime lending rate4.7% (31 December 2013 est.)
5.39% (31 December 2012 est.)
Stock of domestic credit$1.266 trillion (31 December 2013 est.)
NA% (31 December 2012 est.)
Stock of narrow money$465.2 billion (31 December 2013 est.)
$426 billion (31 December 2012 est.)
Stock of broad money$1.764 trillion (31 December 2013 est.)
$1.664 trillion (31 December 2012 est.)
Taxes and other revenues24.7% of GDP (2013 est.)
Budget surplus (+) or deficit (-)0.7% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 53.1%
government consumption: 15.9%
investment in fixed capital: 27%
investment in inventories: 0.3%
exports of goods and services: 54.6%
imports of goods and services: -50.8%
(2013 est.)
Gross national saving31.9% of GDP (2013 est.)
31.4% of GDP (2012 est.)
31.9% of GDP (2011 est.)