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South Korea

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.

Basic Information

Government Type: Presidential republic

Capital City: Seoul

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Bank of Korea
Currency South Korean won (KRW)

International Reserves USD 403.7 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 1,619.4 billion (2018, estimate)

International Monetary Fund (IMF), data retrieved October 2019
GDP (Purchasing Power Parity) Intl$ 2,136.3 billion (2018, estimate)

International Monetary Fund (IMF), data retrieved October 2019

GDP Data

Real GDP growth 2014 3.3%
2015 2.8%
2016 2.9%
2017* 3.1%
2018* 2.7%
GDP per capita – current prices USD 31,345.6 (2018, estimate)

GDP per capita – PPP Intl$ 39,778.1 (2017, estimate)

GDP (PPP) – share of world total 1.6% (2019, estimate)


GDP – composition by sector agriculture: 2.0%
industry: 35.1%
services: 53.6%
Gross domestic expenditure on R&D; (% of GDP) 4.6% (2017)

OECD, data retrieved October 2019
Inflation 2014 0.7%
2015 1.0%
2016 1.9%
2017* 1.5%
2018* 0.5%

*Estimate

Inflation & Debt

Inflation 2014 0.7%
2015 1.0%
2016 1.9%
2017* 1.5%
2018* 0.5%

*Estimate
Government Bond Ratings Standard & Poor’s: AA

Moody’s: Aa2

Standard & Poor’s / Moody’s (Updated January 2017)
Unemployment rate 2014 3.6%
2015 3.7%
2016 3.7%
2017* 3.8%
2018*

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2014 37.3%
2015 37.3%
2016* 37.7%
2017* 37.9%
2018* 40.1%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2014 -0.5%
2015 1.6%
2016* 2.2%
2017* 2.6%
2018* 0.7%

*Estimate
Market value of publicly traded shares 2016 USD 1254.5 billion
2017 USD 1771.8 billion
2018 USD 1413.7 billion
Largest Companies Hyundai Engineering, Daelim Industrial, GS Engineering, Samsung Electro-Mechanics, LG Uplus, Hyundai Glovis, DGB Financial Group, Celltrion, NH Investment & Securities, JB Financial Group, Lotte, Meritz Securities, Samsung Securities, SK Networks, Hyundai Steel, S-Oil, LG Household & Health Care, Hyundai Marine & Fire, Doosan, Hyundai Heavy Industries, Lotte Shopping, Meritz Financial Group, BNK Financial Group, Mirae Asset Daewoo, E-mart, Korea Investment Holdings, Naver, Korean Air, KT&G, Korea Zinc, Samsung Electronics, SK Hynix, Hyundai Motor, KB Financial Group, Shinhan Financial Group, SK Holdings, Posco, Samsung Life Insurance, Hyundai Mobis, Samsung C&T, KIA Motors, SK Innovation, LG Chem, SK Telecom, Hana Financial Group, LG Electronics, Samsung Fire & Marine, Woori Financial Group, Korea Electric Power, Industrial Bank of Korea, LG, Hanwha, Lotte Chemical, KT, Korea Gas, Samsung SDI, GS Holdings, Db Insurance, CJ Cheiljedang, LG Display, Samsung SDS, CJ Corporation BTS

Import/Export

Exports as percent of GDP (Exports of goods and services) 5.9% (2017)

Shares in world total merchandising export 0.004% (2018)

Shares in world total commercial services export 0.008% (2018)

Total exports USD 1.6 billion (2018 estimate)

Export commodities Opium, fruits and nuts, handwoven carpets, wool, cotton, hides and pelts, precious and semi-precious gems, and medical herbs

Total imports USD 8.3 billion (2018 estimate)

Import commodities Machinery and other capital goods, food, textiles, petroleum products

Exports – major partners India 56.5%, Pakistan 29.6% (2017)

Imports – major partners China 21%, Iran 20.5%, Pakistan 11.8%, Kazakhstan 11%, Uzbekistan 6.8%, Malaysia 5.3%(2017)

Competitiveness & Trade

Current account balance USD 76.4 billion (2018 estimate)

IMF – World Economic Outlook, October 2019
Current account balance by percentage of GDP
4.4% (2018 estimate)

IMF – World Economic Outlook, October 2019
FDI inflows 2016 USD 12,104 million
2017 USD 17,913 million
2018 USD 14,479 million
FDI Outflows 2016 USD 29,890 million
2017 USD 34,069 million
2018 USD 38.917 million
Value of cross-border M&A, by country of purchaser 2015 USD 909 million
2016 USD 4,596 million
2017 USD 1,2646 million
2018 USD 443.0 million

United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
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 N/A
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 (2019)

Subcategories:

Starting a Business: 33 out of 190 countries

Dealing with Construction Permits: 12 out of 190 countries

Getting Electricity: 2 out of 190 countries

Registering Property: 40 out of 190 countries

Getting Credit: 67 out of 190 countries

Protecting Minority Investors: 25 out of 190 countries

Paying Taxes: 21 out of 190 countries

Trading across Borders: 36 out of 190 countries

Enforcing Contracts: 2 out of 190 countries

Resolving Insolvency: 11 out of 190 countries
Global competitiveness ranking
13 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 29 / Score: 72.3 (Mostly free)

(100=totally free 0=totally repressed)

Population & Geographic Data

Total Area 99,720 sq km

Total Population 1990 42.87 million
2000 47.01 million
2010 49.55 million
2015 51.02 million
2020* 52.06 million

Urban population as % of total population 1960 27.7%
1980 56.7%
2000 79.6%
2018 81.5%
Population median age 42.3




CIA World Factbook / Population median age
Population growth rate 0.53% (2016 estimate)

Life expectancy 82.5 years (2018 estimate)



CIA World Factbook / Life expectancy
% of population living on less than $3.10 a day 0.5% (last available estimate, 2012)

Inequality of wealth distribution (Gini index) 31.6 (last available estimate, 2012)

Freedom House rating Political Rights: 2
Civil Liberties: 2 (2019)

(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population Fixed 58.06% Mobile 118.46% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 89.65% (2015)

Language & Religon

Languages Korean, English (widely taught in junior high and high school)

Literacy
N/A
Religions Protestant 19.7%, Buddhist 15.5%, Catholic 7.9%, none 56.9% (2015 est.)

World Rankings

Population 2.8 M
Mercer Cost of living index N/A
C02 Emissions per capita 1.9 metric tons per capita (2018)

Global Finance Rankings & Awards: South Korea

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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