Countries
South Korea
Key Economic Indicators
$3.16 trillion
$61,051
2%
2.32%
2.68%
$1.713 trillion (2023 est.)
49 % of GDP
$99.04 billion
Economic Overview
<p>high-income, export- and technology-oriented East Asian economy; manufacturing led by semiconductor and automotive industries; slow growth amid declining construction investment, export risks, and recent political instability; aging workforce; increased restraint in fiscal policy while maintaining industry support initiatives</p>
All Economic Data
Agricultural products
rice, vegetables, cabbages, milk, onions, pork, chicken, eggs, tangerines/mandarins, potatoes (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
1.5% of household expenditures (2023 est.)
On food:
12.3% of household expenditures (2023 est.)
Budget
Expenditures:
$532.023 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$513.21 billion (2023 est.)
Currency
code:
KRW
name:
South Korean won (KRW) [₩]
Current account balance
$99.04 billion
Current account balance 2022:
$25.829 billion (2022 est.)
Current account balance 2023:
$32.822 billion (2023 est.)
Current account balance 2024:
$99.043 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
South Korean won (KRW) per US dollar -
Exchange rates 2020:
1,180.266 (2020 est.)
Exchange rates 2021:
1,143.952 (2021 est.)
Exchange rates 2022:
1,291.447 (2022 est.)
Exchange rates 2023:
1,305.662 (2023 est.)
Exchange rates 2024:
1,363.375 (2024 est.)
Exports
$831.89 billion
Exports 2022:
$825.961 billion (2022 est.)
Exports 2023:
$769.243 billion (2023 est.)
Exports 2024:
$835.149 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
integrated circuits, cars, refined petroleum, plastics, machine parts (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 25%, USA 18%, Hong Kong 4%, Japan 4%, Taiwan 4% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$15.23 billion
GDP - composition, by end use
Exports of goods and services:
44% (2023 est.)
Government consumption:
18.9% (2023 est.)
Household consumption:
48.9% (2023 est.)
Imports of goods and services:
-43.9% (2023 est.)
Investment in fixed capital:
32.2% (2023 est.)
Investment in inventories:
-0.1% (2023 est.)
Note:
<strong>note:</strong> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
1.6% (2023 est.)
Industry:
31.6% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
58.4% (2023 est.)
GDP (official exchange rate)
$1.713 trillion (2023 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$36,239
Gini Index coefficient - distribution of family income
31.4 (2016)
Gini Index coefficient - distribution of family income 2021:
32.9 (2021 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$1.9 trillion
GNI per capita
$36,750
Gross domestic investment
30 % of GDP
Household income or consumption by percentage share
Highest 10%:
24.6% (2021 est.)
Lowest 10%:
2.9% (2021 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$755.49 billion
Imports 2022:
$817.594 billion (2022 est.)
Imports 2023:
$758.41 billion (2023 est.)
Imports 2024:
$758.724 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
integrated circuits, natural gas, crude petroleum, machinery, cars (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 31%, USA 13%, Japan 9%, Germany 5%, Australia 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
1.1% (2023 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
Inflation rate (consumer prices)
2.32%
Inflation rate (consumer prices) 2022:
5.1% (2022 est.)
Inflation rate (consumer prices) 2023:
3.6% (2023 est.)
Inflation rate (consumer prices) 2024:
2.3% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
29.713 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
29.85 million persons
Labor force - by occupation
agriculture:
5.1%
industry:
23.38%
services:
71.51%
Public debt
49 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2023:
52.3% of GDP (2023 est.)
Real GDP (purchasing power parity)
$3.16 trillion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2021:
$2.507 trillion (2021 est.)
Real GDP (purchasing power parity) 2022:
$2.572 trillion (2022 est.)
Real GDP (purchasing power parity) 2023:
$2.607 trillion (2023 est.)
Real GDP growth rate
2%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2021:
4.3% (2021 est.)
Real GDP growth rate 2022:
2.6% (2022 est.)
Real GDP growth rate 2023:
1.4% (2023 est.)
Real GDP per capita
$61,051
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2021:
$48,400 (2021 est.)
Real GDP per capita 2022:
$49,800 (2022 est.)
Real GDP per capita 2023:
$50,400 (2023 est.)
Remittances
$7.45 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
0.4% of GDP (2021 est.)
Remittances 2022:
0.5% of GDP (2022 est.)
Remittances 2023:
0.4% of GDP (2023 est.)
Reserves of foreign exchange and gold
$418.22 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$423.366 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$420.93 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$418.219 billion (2024 est.)
Revenue (excl grants)
27 % of GDP
Tax revenue
15 % of GDP
Taxes and other revenues
15.7% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
2.68%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
2.9% (2022 est.)
Unemployment rate 2023:
2.7% (2023 est.)
Unemployment rate 2024:
2.7% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
5.8% (2024 est.)
Male:
6% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
5.9% (2024 est.)
Economic Rankings
Reserves
#8
Imports
#9
Exports
#10
GDP (PPP)
#14
GDP (Nominal)
#15
GDP per Capita
#32
GDP Growth Rate
#117
Gini Index
#134
Unemployment Rate
#154
Inflation Rate
#163
Quick Facts
Industries
electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
Agricultural products
rice, vegetables, cabbages, milk, onions, pork, chicken, eggs, tangerines/mandarins, potatoes (2023)
Labor force
29.713 million (2024 est.)
Exports - partners
China 25%, USA 18%, Hong Kong 4%, Japan 4%, Taiwan 4% (2023)
Imports - partners
China 31%, USA 13%, Japan 9%, Germany 5%, Australia 4% (2023)
Exchange rates
South Korean won (KRW) per US dollar -
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