Korea, South Economy

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Economy - overview As one of the Four Tigers of East Asia, South Korea has achieved an incredible record of growth. Three decades ago GDP per capita was comparable with levels in the poorer countries of Africa and Asia. Today its GDP per capita is seven times Indias, 17 times North Koreas, and comparable to the lesser economies of the European Union. This success through the late 180s was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. 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 17- exposed certain longstanding weaknesses in South Koreas development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. Growth plunged by 6.6% in 18, then strongly recovered to plus 10% in 1 and % in 000. Growth fell back to .% in 001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms have stalled.

GDP purchasing power parity - $865 billion (001 est.)

GDP - real growth rate .% (001 est.)

GDP - per capita purchasing power parity - $18,000 (001 est.)




GDP - composition by sector

agriculture 5%

industry 44%

services 51% (001 est.)

Population below poverty line 4% (001 est.)

Household income or consumption by percentage share

lowest 10% .6%

highest 10% 4.8% (18 est.)

Distribution of family income - Gini index 1.6 (1)

Inflation rate (consumer prices) 4.% (001 est.)

Labor force million (001)

Labor force - by occupation services 6%, industry 1.5%, agriculture .5% (001)

Unemployment rate .% (001)

Budget

revenues $118.1 billion

expenditures $5.7 billion, including capital expenditures of $.6 billion (000)

Industries electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing

Industrial production growth rate 1.8% (001 est.)

Electricity - production 7.04 billion kWh (000)

Electricity - production by source

fossil fuel 60.6%

hydro 1.45%

other 0.0% (000)

nuclear 7.8%

Electricity - consumption 54.08 billion kWh (000)

Electricity - exports 0 kWh (000)

Electricity - imports 0 kWh (000)

Agriculture - products rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish

Exports $168. billion (f.o.b., 001)

Exports - commodities electronic products, machinery and equipment, motor vehicles, steel, ships; textiles, clothing, footwear; fish

Exports - partners US 1.8%, Japan 11.%, China 10.7%, Hong Kong 6.%, Taiwan 4.7% (000)

Imports $15. billion (f.o.b., 001)

Imports - commodities machinery, electronics and electronic equipment, oil, steel, transport equipment, textiles, organic chemicals, grains

Imports - partners Japan 1.8%, US 18.%, China 8%, Saudi Arabia 6%, Australia .7% (000)

Debt - external $10.5 billion (001)

Economic aid - recipient $NA

Currency South Korean won (KRW)

Currency code KRW

Exchange rates South Korean won per US dollar - 1,17.01 (January 00), 1,0. (001), 1,10.6 (000), 1,188.8 (1), 1,401.44 (18), 51. (17)

Fiscal year calendar year

NOTE The information regarding Korea, South on this page is re-published from the 00 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Korea, South Economy 00 information contained here. All suggestions for corrections of any errors about Korea, South Economy 00 should be addressed to the CIA.



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