Economy - overview:
As one of the Four Tigers of East Asia, South Korea has achieved an
incredible record of growth and integration into the high-tech
modern world economy. Three decades ago GDP per capita was
comparable with levels in the poorer countries of Africa and Asia.
Today its GDP per capita is 18 times North Korea's and equal to the
lesser economies of the European Union. This success through the
late 1980s 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 1997-99 exposed
longstanding weaknesses in South Korea's development model,
including high debt/equity ratios, massive foreign borrowing, and an
undisciplined financial sector. Growth plunged to a negative 6.6% in
1998, then strongly recovered to 10.8% in 1999 and 9.2% in 2000.
Growth fell back to 3.3% in 2001 because of the slowing global
economy, falling exports, and the perception that much-needed
corporate and financial reforms had stalled. Led by consumer
spending and exports, growth in 2002 was an impressive 6.2%, despite
anemic global growth, followed by moderate 2.8% growth in 2003. In
2003 the six-day work week was reduced to five days.
GDP:
purchasing power parity - $941.5 billion (2002 est.)
GDP - real growth rate:
6.3% (2002 est.)
GDP - per capita:
purchasing power parity - $19,600 (2002 est.)
GDP - composition by sector:
agriculture: 4.4%
industry: 41.6%
services: 54% (2001 est.)
Population below poverty line:
4% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 24.8% (1998 est.)
Distribution of family income - Gini index:
31.6 (1993)
Inflation rate (consumer prices):
2.8% (2002 est.)
Labor force:
22 million (2001)
Labor force - by occupation:
services 69%, industry 21.5%, agriculture 9.5% (2001)
Unemployment rate:
3.1% (2002 est.)
Budget:
revenues: $118.1 billion
expenditures: $95.7 billion, including capital expenditures of $22.6
billion (2000)
Industries:
electronics, automobile production, chemicals, shipbuilding, steel,
textiles, clothing, footwear, food processing
Industrial production growth rate:
6.5% (2002 est.)
Electricity - production:
290.7 billion kWh (2001)
Electricity - production by source:
fossil fuel: 62.4%
hydro: 0.8%
other: 0.2% (2001)
nuclear: 36.6%
Electricity - consumption:
270.3 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
2.14 million bbl/day (2001 est.)
Oil - exports:
804,700 bbl/day (2001)
Oil - imports:
2.965 million bbl/day (2001)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
20.92 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
21.11 billion cu m (2001 est.)
Agriculture - products:
rice, root crops, barley, vegetables, fruit; cattle, pigs,
chickens, milk, eggs; fish
Exports:
$162.6 billion f.o.b. (2002 est.)
Exports - commodities:
electronic products, machinery and equipment, motor vehicles,
steel, ships; textiles, clothing, footwear; fish
Exports - partners:
US 20.4%, China 14.7%, Japan 9.4%, Hong Kong 6.3% (2002)
Imports:
$148.4 billion f.o.b. (2002 est.)
Imports - commodities:
machinery, electronics and electronic equipment, oil, steel,
transport equipment, textiles, organic chemicals, grains
Imports - partners:
Japan 19.6%, US 15.2%, China 11.4%, Saudi Arabia 5% (2002)
Debt - external:
$135.2 billion (yearend 2002 est.)
Economic aid - donor:
ODA $200 million
Currency:
South Korean won (KRW)
Currency code:
KRW
Exchange rates:
South Korean won per US dollar - 1,251.09 (2002), 1,290.99 (2001),
1,130.96 (2000), 1,188.82 (1999), 1,401.44 (1998)
Fiscal year:
calendar year