Korea (South Korea) Economic Statistics and Indicators
07, Oct 2015, EDT. Welcome to the Korea economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Korea, South (South Korea) › Change country
National or Regional Currency: South Korean Won, KRW
Year of data: 2014 › Change year
Number of Indicators Listed: 42
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 49,039,986 (July 2014 est.)
Area: total: 99,720 sq km ; land: 96,920 sq km ; water: 2,800 sq km
Natural Resources: coal, tungsten, graphite, molybdenum, lead, hydropower potential
Capital: name: Seoul ; geographic coordinates: 37 33 N, 126 59 E ; time difference: UTC+9 (14 hours ahead of Washington, DC, during Standard Time)
South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, 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 is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. 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 short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.
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GDP (Constant Prices, National Currency) for Korea in year 2014 is KRW 1,433,359.21 Billion.
GDP (Current Prices, National Currency) for Korea in year 2014 is KRW 1,502,856.80 Billion.
GDP (Current Prices, US Dollars) for Korea in year 2014 is US$ 1,449.49 Billion.
GDP Deflator for Korea in year 2014 is 104.849 (Index, Base Year as per country's accounts = 100).
GDP Per Capita (Constant Prices, National Currency) for Korea in year 2014 is KRW 28,418,841.63 .
GDP Per Capita (Current Prices, National Currency) for Korea in year 2014 is KRW 29,796,752.30 .
GDP Per Capita (Current Prices, US Dollars) for Korea in year 2014 is US$ 28,738.73 .
GDP (PPP), US Dollars for Korea in year 2014 is US$ 1,789.76 Billion.
GDP Per Capita (PPP), US Dollars for Korea in year 2014 is US$ 35,485.07 .
Implied PPP Conversion Rate for Korea in year 2014 is 839.698 .
Investment (% of GDP) for Korea in year 2014 is 28.913 %.
Inflation, Average Consumer Prices (Indexed to Year 2000) for Korea in year 2014 is 109.359 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Korea in year 2014 is 110.078 (Index, Base Year 2000 = 100).
Employment for Korea in year 2014 is 24.762 Million .
Population for Korea in year 2014 is 50.437 Million .
General government revenue (National Currency) for Korea in year 2014 is KRW 324,103.59 Billions.
General government total expenditure (National Currency) for Korea in year 2014 is KRW 319,428.99 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Korea in year 2014 is KRW 4,674.60 Billions.
General Government Structural Balance (National Currency) for Korea in year 2014 is KRW 8,438.32 Billion.
Fiscal Year Gross Domestic Product, Current Prices for Korea in year 2014 is KRW 1,502,856.80 Billions.
Current Account Balance (US Dollars) for Korea in year 2014 is US$ 84.193 Billion.
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|Internet Penetration Rate for Korea|
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Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International