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Indicators of economy in South Korea

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.912 US Dollar per capita. In contrast, the GDP in South Korea reached 31.598 US dollars per inhabitant, or 1,637.90 bn US Dollar in 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 into account the purchasing power parity, then South Korea is in the list of the world's richest countries in place 28.

Inflation in South Korea was in 2021 at around 2.50%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 15.4% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: South Korea

Impact of the Covid-19 pandemic in 2020

Overall, the gross domestic product in South Korea in 2020 decreased moderatly from 1,651.42 billion US Dollar to 1,637.90 billion US Dollar. Certainly, there have been shifts in some sectors of the economy, but a minus of 0.82% 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% previously to 0.5% now.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 South Korea
Total
South Korea
per capita
EU
Total
EU
per capita
GDP1,637.90 bn USD31,597.50 USD15,291.93 tn USD29,710.69 USD
Gross national product1,706.86 bn USD32,927.85 USD15,330.84 tn USD29,786.28 USD


South Korea ranked 1st in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. 62 of the 2000 largest listed companies in the world originate from South Korea. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country were in 2021:

Rank 11: Samsung Electronics (Suwon)
Rank 154: Hyundai Motor (Seoul)
Rank 173: SK Hynix (Icheon)
Rank 229: KB Financial Group (Seoul)
Rank 248: Shinhan Financial Group (Seoul)
Rank 266: KIA (Seoul)
Rank 269: Posco (Seoul)
Rank 279: LG Electronics (Seoul)
Rank 292: Korea Electric Power (Naju)
Rank 353: Hyundai Mobis (Seoul)

Development of the Gross domestic product in billion US Dollar 1960 - 2020



Im- and Exports 2021

 South Korea
Total
South Korea
per capita
EU
Total
EU
per capita
Imports540.96 bn USD10,435.85 USD7,340.01 bn USD14,260.90 USD
Exports606.71 bn USD11,704.36 USD7,939.04 bn USD15,424.75 USD


Development of imports and exports in billion US dollars 1976 - 2021

Exports
Imports



South Korea: AirportsLargest airports and airlines in South KoreaThe 15 biggest airports and 10 airlines in South Korea with further information and data
South Korea: Public HolidaysPublic holidays in South Korea 2022-2026Statutory and inofficial holidays in South Korea for 2022 to 2026
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