Worlddata.info

Indicators of economy in South Korea

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in South Korea, on the other hand, reached USD 34,998 per capita, or 1.811 trillion USD for the whole country. South Korea is therefore one of the world's largest economies and is currently at rank 10. If this is calculated per inhabitant, taking purchasing power parity into account, then South Korea ranks 29th in the list of the richest countries.

Inflation in South Korea in 2021 was around 2.50%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 13.0 percent lower.
The index for perceived corruption in the public sector is 62, which is rather mediocre by global standards.


Back to overview: South Korea

Impact of the COVID-19 pandemic

Overall, the gross domestic product in South Korea in 2020 decreased moderatly from 1.651 trillion US dollars to 1.644 trillion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 0.43 percent is still comparatively good this year. Numerous countries suffered more substantial losses. The tourism sector alone slumped by around 54 percent. The unemployment rate rose from 3.8 to 3.9 percent. The consumer inflation rate has risen from 0.4 percent previously to 0.5 percent now.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 South Korea
Total
South Korea
per capita
EU
Total
EU
per capita
GDP1.811 tn USD34,997.78 USD17.177 tn USD33,384.92 USD
Gross national product1.817 tn USD35,109.43 USD16.895 tn USD32,835.37 USD


South Korea ranked 1st in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. Out of the 2,000 largest listed companies in the world, 65 originate from South Korea. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 14: Samsung Group (Seoul)
Rank 147: Hyundai Motor (Seoul)
Rank 170: SK Hynix (Icheon)
Rank 257: KB Financial Group (Seoul)
Rank 279: Shinhan Financial Group (Seoul)
Rank 283: KIA (Seoul)
Rank 285: Posco (Seoul)
Rank 333: LG Chem (Seoul)
Rank 399: SK (Seoul)
Rank 483: Hana Financial Group (Seoul)

Development of gross domestic product in billions of USD 1960 - 2021



Imports and Exports 2021

 South Korea
Total
South Korea
per capita
EU
Total
EU
per capita
Imports698.10 bn USD13,491.25 USD8.916 tn USD17,329.02 USD
Exports771.20 bn USD14,903.93 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1976 - 2021

Exports
Imports



South Korea: AirportsLargest airports and airlines in South KoreaThe 15 biggest airports and 8 airlines in South Korea with further information and data with further information on airlines and destinations
South Korea: Public HolidaysPublic holidays in South Korea 2023-2027Statutory and inofficial holidays in South Korea for 2023 to 2027
Pariah StatesList of the 11 current Pariah States11 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.