Economy - overview:

Since the 1960s, South Korea has achieved an incredible record of growth and global integration to become a high-tech industrialized economy. Four decades ago, 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 currently is among the world's 20 largest economies. 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. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4-5% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.2% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth exceeded 6% in 2010. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, and overdependence on manufacturing exports to
drive economic growth.
GDP (purchasing power parity):
$1.467 trillion (2010 est.)
country comparison to the world: 13

$1.383 trillion (2009 est.)

$1.38 trillion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ] GDP (official exchange rate):
$986.3 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
6.1% (2010 est.)
country comparison to the world: 35

0.2% (2009 est.)

2.3% (2008 est.)
[see also: GDP - real growth rate country ranks ] GDP - per capita:
$30,200 (2010 est.)
country comparison to the world: 45

$28,500 (2009 est.)

$28,500 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ] GDP - composition by sector:
agriculture: 3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 39.4%
[see also: GDP - composition by sector - industry country ranks ]
services: 57.6% (2008 est.)
[see also: GDP - composition by sector - services country ranks ]
Labor force:
24.62 million (2009 est.)
country comparison to the world: 25
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 7.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 68.4% (2007)
[see also: Labor force - by occupation - services country ranks ]
Unemployment rate:
3.7% (2010 est.)
country comparison to the world: 33

3.7% (2009 est.)
[see also: Unemployment rate country ranks ] Population below poverty line:
15% (2003 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24.2% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
Distribution of family income - Gini index:
31.4 (2009)
country comparison to the world: 104

35.8 (2000)
[see also: Distribution of family income - Gini index country ranks ] Investment (gross fixed):
28.7% of GDP (2009 est.)
country comparison to the world: 23
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $248.3 billion
[see also: Budget - revenues country ranks ]
expenditures: $267.3 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
Public debt:
23.7% of GDP (2010 est.)
country comparison to the world: 101

23.5% of GDP (2009 est.)
[see also: Public debt country ranks ] Inflation rate (consumer prices):
3% (2010 est.)
country comparison to the world: 92

2.8% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ] Central bank discount rate:
1.25% (31 December 2009)
country comparison to the world: 133

1.75% (31 December 2008)
[see also: Central bank discount rate country ranks ] Commercial bank prime lending rate:
5.65% (31 December 2009 est.)
country comparison to the world: 127

7.17% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ] Stock of narrow money:
$101.9 billion (31 December 2010 est)

$82.54 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ] Stock of broad money:
$1.346 trillion (31 December 2009)

$1.132 trillion (31 December 2008)
[see also: Stock of broad money country ranks ] Stock of domestic credit:
$1.057 trillion (31 December 2010 est.)
country comparison to the world: 15

$935.4 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ] Market value of publicly traded shares:
$836.5 billion (31 December 2009)
country comparison to the world: 17

$494.6 billion (31 December 2008)

$1.124 trillion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ] Agriculture - products:
rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish
Industries:
electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
Industrial production growth rate:
12.1% (2009 est.)
country comparison to the world: 6
[see also: Industrial production growth rate country ranks ]
Electricity - production:
417 billion kWh (2008 est.)
country comparison to the world: 11
[see also: Electricity - production country ranks ]
Electricity - consumption:
402 billion kWh (2008 est.)
country comparison to the world: 11
[see also: Electricity - consumption country ranks ]
Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]
Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]
Oil - production:
48,180 bbl/day (2009 est.)
country comparison to the world: 65
[see also: Oil - production country ranks ]
Oil - consumption:
2.185 million bbl/day (2009 est.)
country comparison to the world: 10
[see also: Oil - consumption country ranks ]
Oil - exports:
907,100 bbl/day
country comparison to the world: 21
note: exports consist of oil derivatives (gasoline, light oil, and diesel), not crude oil (2008 est.)
[see also: Oil - exports country ranks ]
Oil - imports:
3.074 million bbl/day (2008 est.)
country comparison to the world: 5
[see also: Oil - imports country ranks ]
Oil - proved reserves:
0 bbl
country comparison to the world: 163
[see also: Oil - proved reserves country ranks ]
Natural gas - production:
651 million cu m (2009 est.)
country comparison to the world: 66
[see also: Natural gas - production country ranks ]
Natural gas - consumption:
34.09 billion cu m (2009 est.)
country comparison to the world: 25
[see also: Natural gas - consumption country ranks ]
Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 79
[see also: Natural gas - exports country ranks ]
Natural gas - imports:
32.69 billion cu m (2009 est.)
country comparison to the world: 10
[see also: Natural gas - imports country ranks ]
Natural gas - proved reserves:
50 billion cu m (1 January 2008 est.)
country comparison to the world: 64
[see also: Natural gas - proved reserves country ranks ]
Current account balance:
$36.35 billion (2010 est.)
country comparison to the world: 12

$42.67 billion (2009 est.)
[see also: Current account balance country ranks ] Exports:
$466.3 billion (2010 est.)
country comparison to the world: 7

$373.6 billion (2009 est.)
[see also: Exports country ranks ] Exports - commodities:
semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals
Exports - partners:
China 21.5%, US 10.9%, Japan 6.6%, Hong Kong 4.6% (2008)
Imports:
$417.9 billion (2010 est.)
country comparison to the world: 9

$317.5 billion (2009 est.)
[see also: Imports country ranks ] Imports - commodities:
machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics
Imports - partners:
China 17.7%, Japan 14%, US 8.9%, Saudi Arabia 7.8%, UAE 4.4%, Australia 4.1% (2008)
Reserves of foreign exchange and gold:
$274.6 billion (31 December 2010 est.)
country comparison to the world: 7

$270 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ] Debt - external:
$370.1 billion (31 December 2010 est.)
country comparison to the world: 24

$370.8 billion (31 December 2009 est.)
[see also: Debt - external country ranks ] Stock of direct foreign investment - at home:
$112.1 billion (31 December 2010 est.)
country comparison to the world: 30

$110.8 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ] Stock of direct foreign investment - abroad:
$115.6 billion (31 December 2009)
country comparison to the world: 25

$74.6 billion (30 June 2008)
[see also: Stock of direct foreign investment - abroad country ranks ] Exchange rates:
South Korean won (KRW) per US dollar - 1,153.77 (2010), 1,276.93 (2009), 1,101.7 (2008), 929.2 (2007), 954.8 (2006)