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 |
South Korea
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