| COUNTRIES | GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Korea, South Economy 2010
http://www.workmall.com/wfb2010/korea_south/korea_south_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

. Feedback

GEOGRAPHICAL NAMES Spanish Simplified Chinese French German Russian Hindi Arabic Portuguese
Page last updated on January 26, 2010

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 twenty largest economies. Initially, this success was achieved by a system of close government and business ties including directed credit and import restrictions. 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 foreign borrowing. GDP plunged by 6.9% in 1998, 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 2.2% in 2008 and declined 0.8% 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. 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):
$1.343 trillion (2009 est.)

$1.354 trillion (2008 est.)
$1.325 trillion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$800.3 billion (2009 est.)

GDP - real growth rate:
-0.8% (2009 est.)

2.2% (2008 est.)
5.1% (2007 est.)

GDP - per capita (PPP):
$27,700 (2009 est.)

$28,000 (2008 est.)
$27,500 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 3%
industry: 39.4%
services: 57.6% (2008 est.)

Labor force:
24.37 million (2009 est.)

Labor force - by occupation:
agriculture: 7.2%
industry: 25.1%
services: 67.7% (2007)

Unemployment rate:
4.1% (2009 est.)

3.175% (2008 est.)

Population below poverty line:
15% (2003 est.)

Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 24.2% (2007)

Distribution of family income - Gini index:
31.3 (2007)

35.8 (2000)

Investment (gross fixed):
28.2% of GDP (2009 est.)

Budget:
revenues: $191.5 billion
expenditures: $227.2 billion (2009 est.)

Public debt:
28% of GDP (2009 est.)

24.4% of GDP (2008 est.)

Inflation rate (consumer prices):
2.8% (2009 est.)

4.7% (2008 est.)

Central bank discount rate:
1.75% (31 December 2008)

3.25% (31 December 2007)

Commercial bank prime lending rate:
7.17% (31 December 2008)

Stock of money:
$80.66 billion (31 December 2008)

$92.59 billion (31 December 2007)

Stock of quasi money:
$478 billion (31 December 2008)

$541.7 billion (31 December 2007)

Stock of domestic credit:
$937 billion (31 December 2008)

$1.061 trillion (31 December 2007)

Market value of publicly traded shares:
$494.6 billion (31 December 2008)

$1.124 trillion (31 December 2007)
$835.2 billion (31 December 2006)

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:
-7.5% (2009 est.)

Electricity - production:
440 billion kWh (2008 est.)

Electricity - consumption:
385.1 billion kWh (2008 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
30,440 bbl/day (2008 est.)

Oil - consumption:
2.175 million bbl/day (2008 est.)

Oil - exports:
800,000 bbl/day
note: exports consist of oil derivatives (gasoline, light oil, and diesel), not crude oil (2008 est.)

Oil - imports:
2.982 million bbl/day (2008 est.)

Oil - proved reserves:
0 bbl

Natural gas - production:
443 million cu m (2008 est.)

Natural gas - consumption:
34.76 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
36.21 billion cu m (2008 est.)

Natural gas - proved reserves:
50 billion cu m (1 January 2008 est.)

Current account balance:
$30.38 billion (2009 est.)

$-6.349 billion (2008 est.)

Exports:
$355.1 billion (2009 est.)

$433.5 billion (2008 est.)

Exports - commodities:
semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals

Exports - partners:
China 21.4%, US 10.9%, Japan 6.6%, Hong Kong 4.6% (2008)

Imports:
$313.4 billion (2009 est.)

$427.4 billion (2008 est.)

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:
$245.9 billion (31 December 2009 est.)

$201.2 billion (31 December 2008 est.)

Debt - external:
$333.6 billion (31 December 2009 est.)

$381.1 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$86 billion (31 December 2009 est.)

$124.2 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$NA (31 December 2009 est.)

$74.6 billion (30 June 2008)

Exchange rates:
South Korean won (KRW) per US dollar - 1,296.88 (2009), 1,101.7 (2008), 929.2 (2007), 954.8 (2006), 1,024.1 (2005)


NOTE: The information regarding Korea, South on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Korea, South Economy 2010 information contained here. All suggestions for corrections of any errors about Korea, South Economy 2010 should be addressed to the CIA.



- Please bookmark this page (add it to your favorites).
- If you wish to link to this page, you can do so by referring to the URL address below this line.

http://www.workmall.com/wfb2010/korea_south/korea_south_economy.html

This page was last modified 08-Feb-10
Copyright © 1995-2010 ITA all rights reserved.