SOUTH KOREA: A TIGHTROPE WALK WITH TRADING PARTNERS
South Korea | Country Report
One of Asia’s most powerful economies, South Korea is maneuvering deftly between even more powerful neighbors and allies.
South Korea GDP and Economic Data
Country Report 2017 - Includes South Korea real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about South Korea economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of South Korea best banks and safest banks are also available.
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International Reserves
USD 363.3 billion (2015)
International Monetary Fund (IMF), data retrieved January 2017
Gross Domestic Product - GDP
USD 1,521.0 billion (2017, estimate)
GDP (Purchasing Power Parity)
Intl$ 2,029.9 billion (2017, estimate)
Real GDP growth
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 |
| 5.2% | 5.5% | 2.8% | 0.7% | 6.5% | 3.7% | 2.3% |
| 2013 | 2014 | 2015 | 2016* | 2017* | ||
| 2.9% | 3.3% | 2.6% | 2.7% | 3% |
*Estimate
GDP per capita - current prices
USD 29,806.2 (2017, estimate)
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2017* |
| 0.69% | 1.26% | 1.59% | 1.69% | 1.6% |
*Estimate
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GDP - composition by sector
- agriculture: 2.3%
- industry: 37.6%
- services: 60.2%
(2016 estimate)
Gross domestic expenditure on R&D; (% of GDP)
4.3% (2014)
OECD, data retrieved January 2017
Inflation
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 1.3% | 1.3% | 0.7% | 1.0% | 1.9% |
*Estimate
Unemployment rate
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 3.1% | 3.5% | 3.6% | 3.6% | 3.3% |
*Estimate
Public debt (General government gross debt as a % of GDP)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 33.8% | 35.9% | 37.9% | 38.9% | 39.2% |
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 0.7% | 0.4% | 0.3% | 0.8% | 1.1% |
*Estimate
Government bond ratings
Standard & Poor's: AA
Moody's: Aa2
Standard & Poor's / Moody's (Updated January 2017)
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Market value of publicly traded shares
| 2013 | 2014 | 2015 |
| USD 1234.5 billion | USD 1212.8 billion | USD 1231.2 billion |
Largest companies
Samsung Electronics, Korea Electric Power, Hyundai Motor, SK Holdings, Shinhan Financial Group, Samsung Life Insurance, KIA Motors, Hyundai Mobis, KB Financial Group, Cheil Industries, SK Hynix, Samsung Fire & Marine, SK Innovation, SK Telecom, LG Chem, Posco, Woori Bank, Hana Financial Group, Industrial Bank of Korea, LG Display, Hyundai Steel, LG Electronics, Hyundai Heavy Industries, KT Corp, LG Corp, Hanwha Corp, Lotte Shopping, S-Oil, Lotte Chemical, Korea Gas, Dongbu Insurance, Doosan, GS Holdings, Hyundai Engineering, KT&G, CJ Corp, Amorepacific, BS Financial Group, Samsung SDS, Hyundai Marine & Fire, E-mart, Hyosung, Naver, LG Household & Health Care, DSME, Korean Air, Hyundai Glovis, Meritz Financial Group, Entermate, LIG Insurance, Hankook Tire, Samsung SDI, Korea Zinc, Samsung Heavy Industries, CJ Cheiljedang, LG Uplus, SK Networks, DGB Financial Group, Pacific Corp, Korea Investment Holdings, NH Investment & Securities, GS Engineering, Daewoo Securities, JB Financial Group, LG International, Kangwon Land, Hanwha Chemical.
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Current account balance by percentage of GDP
5.9% (2017 estimate)
Exports as percent of GDP (Exports of goods and services)
45.9% (2015)
Shares in world total merchandising export
3.2% (2015)
Shares in world total commercial services export
2.0% (2015)
Export commodities
Semiconductors, petrochemicals, automobile/auto parts, ships, wireless communication equipment, flat display displays, steel, electronics, plastics, computers
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Import commodities
Crude oil/petroleum products, semiconductors, natural gas, coal, steel, computers, wireless communication equipment, automobiles, fine chemical, textiles
Exports - major partners
China 26%, US 13.3%, Hong Kong 5.8%, Vietnam 5.3%, Japan 4.9% (2015)
Imports - major partners
China 20.7%, Japan 10.5%, US 10.1%, Germany 4.8%, Saudi Arabia 4.5% (2015)
FDI inflows
| 2013 | 2014 | 2015 |
| USD 12,767 million | USD 9,274 million | USD 5,042 million |
FDI outflows
| 2013 | 2014 | 2015 |
| USD 28,360 million | USD 28,039 million | USD 27,640 million |
Value of cross-border M&A, by country of purchaser
| 2012 | 2013 | 2014 | 2015 |
| USD 5713.9 million | USD 4027.0 million | USD 3305.4 million | USD 563.0 million |
Cross-border M&A deals worth over $3 billion completed in 2014
N/A
Cross-border M&A deals worth over $3 billion completed in 2015
Investor Group, Tesco PLC-Homeplus Group, Korea, Republic of, USD 6.4 billion / Investor Group, Halla Visteon Climate Control Corp, Korea, Republic of, USD 3.5 billion
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking: 5 out of 190 countries (2017)
Subcategories:
Starting a business: 11 out of 190 countries
Enforcing Contracts: 1 out of 190 countries
Registering Property: 39 out of 190 countries
Getting Credit: 44 out of 190 countries
Protecting Minority Investors: 13 out of 190 countries
Trading Across Borders: 32 out of 190 countries
Paying Taxes: 23 out of 190 countries
Dealing with Construction Permits: 31 out of 190 countries
Getting Electricity: 1 out of 190 countries
Resolving Insolvency: 4 out of 190 countries
Source
Global competitiveness ranking
26 out of 138 countries
(2016-2017)
Index of Economic Freedom
Ranking: 27 / Score: 71.74 (Mostly free) (2016)
(100=totally free 0=totally repressed)
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Languages
Korean, English (widely taught in junior high and high school)
Religions
Christian 31.6% (Protestant 24.0%, Catholic 7.6%), Buddhist 24.2%, other or unknown 0.9%, none 43.3% (2010 est.)
Total population
| 1990 | 2000 | 2010 | 2016* | 2021* |
| 42.869 million | 47.008 million | 49.41 million | 50.823 million | 51.865 million |
*Estimate
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2015 |
| 28% | 57% | 80% | 83% |
Freedom House rating
Political Rights: 2
Civil Liberties: 2 (2017)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed 58.06% Mobile 118.46% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)