Economy of South Korea
Population: 51.64 M (2018)
GDP per Capita: 31,363 USD (2018)
1,619 B.

GDP USD

(2018)

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712,710 M.

EXPORTS USD

(2018)

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631,470 M.

IMPORTS USD

(2018)

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35.90 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 2.67 % (2018)
GDP of 2010 USD USD 1,381.90 B. (2018)
GDP Current USD USD 1,619.42 B. (2018)
GDP per Capita Current USD USD 31,363 (2018)
GDP per capita, PPP USD 36,777 (2018)
GDP per Capita, 2010 USD USD 26,762 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 16.09 % (2018)
Government Spending USD 260.53 B. (2018)
Government Debt % GDP 35.90 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 55.92 (2018)
Trade Openness 83.00 % (2018)
Exports of Goods and Services % GDP 44.01 % (2018)
Exports Goods & Services USD 712.71 B. (2018)
Exports Annual Growth 4.20 % (2018)
Imports as % GDP 38.99 % (2018)
Total Imports USD 631.47 B. (2018)
Foreign Direct Investment % GDP 0.89 % (2018)
Foreign Direct Investment USD 14.48 B. (2018)
Current Account Balance % GDP USD 4.72 % (2018)
Current Account Balance USD 76.41 B. (2018)
Trade Balance % GDP 5.02 % (2018)
Trade Balance USD 82.13 B. (2018)
Foreign Exchange Reserves incl Gold USD 403.08 B. (2018)
Remittances % GDP 0.42 % (2018)
Remittances USD 6,254 M. (2018)
Balance of Payments USD 9,221 M. (2017)

Labor Market

Indicator Value
Labor Force 28.45 M. (2019)
Unemployment Rate 3.71 % (2019)
Unemployment Rate Females 3.90 % (2019)
Unemployment Rate Males 4.33 % (2019)
Youth Unemployment (ages 15-24) 10.28 % (2019)
Labor Force Participation Rate 62.96 % (2019)
Labor Force (Percent Female) 42.11 % (2019)
Female Labor Force Participation Rate 52.72 % (2019)
Male Labor Force Participation Rate 73.29 % (2019)
Dependent People 37.73 % (2018)

Agriculture Sector

Indicator Value
Forest Area 63.40 % (2016)
Forest Area km² 61,764 km² (2016)
Agricultural Land 17.45 % (2016)
Agricultural Land km² 17,008 km² (2016)
Employment 4.68 % (2019)
Value added % GDP 1.98 % (2018)
Agriculture Value added USD 32.12 B. (2018)
Crop Production Index 92.50 (2016)
Precipitation 1,274 mm (2014)
Arable Land 15 % (2016)
Cereal Yield 6,672 kg/hectare (2017)
Food production index 103 (2016)
Rural Population 19 % (2018)
Fertilizer use of Arable Land 380 kg/hectare (2016)
Livestock Production Index 118 (2016)
Economy of South Korea

According to the World Bank and its latest published data, the economy of the South Korea presents a growth rate of 2.67 % (2018) to the previous year.

With a population that reaches 51.64 M (2018) and a gross domestic product of USD 1,619.42 B. (2018), it translates a Gross Domestic Product per Capita of USD 31,363 placing its inhabitants on the threshold of an High-income country (according to the World Bank's updated classification).

South Korea also has a workforce of 28.45 M. (2019) with an unemployment rate of 3.71 % (2019), where women represent 3.90 % (2019) and men 4.33 % (2019), the unemployment rate for young people between 15-24 years old stood at 10.28 % (2019). The total number of dependent people stands at 37.73 % (2018).

The central government spent 16.09 % (2018) of its gross domestic product that year, which in absolute terms is USD 260.53 B. (2018). Its consolidated public debt reached 35.90 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, South Korea exported USD 712.71 B. (2018), which represents 44.01 % (2018) of its gross domestic product, in that same sense its imports reached USD 631.47 B. (2018) with a direct foreign investment of USD 14.48 B. (2018).

South Korea has a forest area of 61,764 km² (2016), which represents 63.40 % (2016) of its total area, an average rainfall of 1,274 mm (2014) per year and a population of 19 % (2018) living in rural areas. With a total area of 17,008 km² (2016) available for agriculture and 4.68 % (2019) of its employments, the agricultural sector contributes to the economy of the South Korea about USD 32.12 B. (2018) (1.98 % (2018) of its GDP).