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 | |
---|---|---|---|---|
GDP | 1.811 tn USD | 34,997.78 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 1.817 tn USD | 35,109.43 USD | 16.895 tn USD | 32,835.37 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
› Debt budget development
› Development of inflation
› Corruption in South Korea
› Cost of living in a global comparison
› Development of inflation
› Corruption in South Korea
› Cost of living in a global comparison
Imports and Exports 2021
South Korea Total | South Korea per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 698.10 bn USD | 13,491.25 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 771.20 bn USD | 14,903.93 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 1976 - 2021
Exports
Imports