south korea country report
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South Korea: Economic Overview
Economic history and projections:
The Gross Domestic Product (GDP) in South Korea expanded 0.80 percent in the first quarter of 2013 over the previous quarter. GDP Growth Rate in South Korea is reported by the Bank of Korea. Historically, from 1970 until 2013, South Korea GDP Growth Rate averaged 1.73 Percent reaching an all time high of 6.80 Percent in March of 1988 and a record low of -7 Percent in March of 1998. South Korea relies mainly on exports for their economy. After the Asian financial crisis in late 90’s, South Korea’s economy grew at an average 1.1 percent on a quarter over quarter basis, mainly because of exports, which is half of its GDP. South Korea is the world's leading producer of displays and memory semiconductors and the second largest shipbuilding producer. Yet, the high reliance on exports together with a limited domestic market and a rapidly aging population are the main threats to the future growth.
Economic Indicators:
GDP real growth rate: 2.7%
GDP -per capita (PPP): $32,400 population below poverty line: 15%
Labor force: 25.18 million unemployment rate: 3.8%
Inflation rate: 2.2%
Budget: revenues: $271.9 billion expenditures: $249.2 billion
GDP - composition by sector: agriculture: 2.7%
Industry: 39.8%
Services 57.5%
Agriculture: rice, root crops, barely, vegetables, fruit; cattle, pigs, chicken, milk, eggs; fish
Industry electronics, telecommunications, automobile production, chemicals, ship building, steel
Economic Structure:
The chaebols, Korean conglomerates such as Hyundai, Samsung and Daewoo and LG3, play an important role in the Korean economy. In 1995, the four companies had produced 9% of the country’s GDP.1 Although economic reforms have curtailed some of their dominance, these multinationals
Washington, DC 20016 www.eurasiacenter.org
President@eurasiacenter.org
South Korea: Economic Overview
Economic history and projections:
The Gross Domestic Product (GDP) in South Korea expanded 0.80 percent in the first quarter of 2013 over the previous quarter. GDP Growth Rate in South Korea is reported by the Bank of Korea. Historically, from 1970 until 2013, South Korea GDP Growth Rate averaged 1.73 Percent reaching an all time high of 6.80 Percent in March of 1988 and a record low of -7 Percent in March of 1998. South Korea relies mainly on exports for their economy. After the Asian financial crisis in late 90’s, South Korea’s economy grew at an average 1.1 percent on a quarter over quarter basis, mainly because of exports, which is half of its GDP. South Korea is the world's leading producer of displays and memory semiconductors and the second largest shipbuilding producer. Yet, the high reliance on exports together with a limited domestic market and a rapidly aging population are the main threats to the future growth.
Economic Indicators:
GDP real growth rate: 2.7%
GDP -per capita (PPP): $32,400 population below poverty line: 15%
Labor force: 25.18 million unemployment rate: 3.8%
Inflation rate: 2.2%
Budget: revenues: $271.9 billion expenditures: $249.2 billion
GDP - composition by sector: agriculture: 2.7%
Industry: 39.8%
Services 57.5%
Agriculture: rice, root crops, barely, vegetables, fruit; cattle, pigs, chicken, milk, eggs; fish
Industry electronics, telecommunications, automobile production, chemicals, ship building, steel
Economic Structure:
The chaebols, Korean conglomerates such as Hyundai, Samsung and Daewoo and LG3, play an important role in the Korean economy. In 1995, the four companies had produced 9% of the country’s GDP.1 Although economic reforms have curtailed some of their dominance, these multinationals