In 2024, the gross domestic product (GDP) produced from the manufacturing sector in South Korea amounted to approximately 611 trillion South Korean won, being the most valuable sector by far compared to other sectors of the country. However, when looking at the combined GDP of all service industry sectors, their total exceeded 1,000 trillion won. This indicates that the service sector collectively plays a crucial role in driving the country's economic growth.

In 2023, the service sector accounted for about ** percent of South Korea's gross domestic product (GDP), while manufacturing contributed about **** percent. After the Korean War (1950-1953), South Korea achieved impressive economic growth based largely on the contribution of the manufacturing sector.

Industrial Production in South Korea increased 0.20 percent in May of 2025 over the same month in the previous year. This dataset provides the latest reported value for - South Korea Industrial Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2023, services contributed around 58.42 percent to South Korea's gross domestic product (GDP), while 31.59 percent came from South Korea’s industry sector, and a little less than two percent of South Korea’s GDP was generated by the country’s agriculture sector. South Korea’s services sector employed over 70 percent of the South Koreans workforce in 2018 . South Korea’s workforce Much of the over 51 million inhabitants of South Korea are employed, and the unemployment rate is expected to remain under four percent through 2024. South Korea is experiencing the effects of an aging labor force, with a decrease in population share of people entering the work force, and a simultaneous increase of the number of those aged 65 years and above. Despite that, the country’s economy has remained a powerhouse, growing at around 2.5 percent from 2018 to 2019. The South Korean economy South Korea is known as an economic success story; it rose from one of the poorest countries before the 1960’s to a developed country with a high income level. Overall, South Korea’s total GDP was estimated to be approximately 1.7 trillion U.S. dollars in 2019, and is expected to continue to increase through 2024. South Korea is considered to be one of the core economies driving the next generation of economic growth, alongside the BRIC countries (Brazil, Russia, India, and China).

Korea GDP: Growth: Gross Value Added: Industry data was reported at 4.581 % in 2017. This records an increase from the previous number of 3.276 % for 2016. Korea GDP: Growth: Gross Value Added: Industry data is updated yearly, averaging 7.836 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 25.505 % in 1973 and a record low of -8.293 % in 1998. Korea GDP: Growth: Gross Value Added: Industry data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Korea – Table KR.World Bank: Gross Domestic Product: Annual Growth Rate. Annual growth rate for industrial value added based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

Industry (including construction), value added (% of GDP) in South Korea was reported at 31.59 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Korea - Industry, value added (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

South Korea manufacturing output for 2023 was 416.39 billion US dollars, a 2.95% decline from 2022.

<ul style='margin-top:20px;'>

<li>South Korea manufacturing output for 2022 was <strong>429.06 billion US dollars</strong>, a <strong>7.42% decline</strong> from 2021.</li>
<li>South Korea manufacturing output for 2021 was <strong>463.45 billion US dollars</strong>, a <strong>13.74% increase</strong> from 2020.</li>
<li>South Korea manufacturing output for 2020 was <strong>407.47 billion US dollars</strong>, a <strong>2.18% decline</strong> from 2019.</li>
</ul>Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Data are in current U.S. dollars.

South Korea industry 4.0 market size reached USD 3,138.9 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 10,534.4 Million by 2033, exhibiting a growth rate (CAGR) of 14.4% during 2025-2033. The growing automation of various industrial processes to reduce the occurrence of errors and improve operational efficiency, increasing integration of artificial intelligence (AI) and machine learning (ML), and rising need for robust security maintenance represent some of the key factors driving the market.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 3,138.9 Million
Market Forecast in 2033	USD 10,534.4 Million
Market Growth Rate (2025-2033)	14.4%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on component, technology type, and end use industry.

Industrial Production in South Korea decreased 2.90 percent in May of 2025 over the previous month. This dataset provides the latest reported value for - South Korea Industrial Production Mom - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

South Korea: Industry value added, billion USD: The latest value from 2023 is 541.14 billion U.S. dollars, an increase from 531.07 billion U.S. dollars in 2022. In comparison, the world average is 124.18 billion U.S. dollars, based on data from 168 countries. Historically, the average for South Korea from 1960 to 2023 is 188.39 billion U.S. dollars. The minimum value, 0.43 billion U.S. dollars, was reached in 1961 while the maximum of 589.75 billion U.S. dollars was recorded in 2021.

The South Korea Foodservice Market report segments the industry into Foodservice Type (Cafes & Bars, Cloud Kitchen, Full Service Restaurants, Quick Service Restaurants), Outlet (Chained Outlets, Independent Outlets), and Location (Leisure, Lodging, Retail, Standalone, Travel). Five years of historical data and five-year forecasts are covered.

Graph and download economic data for Production, Sales, Work Started and Orders: Production Volume: Economic Activity: Industry (Except Construction) for Korea (KORPROINDMISMEI) from Jan 1990 to Mar 2024 about Korea, IP, and indexes.

The Gross Domestic Product (GDP) in South Korea was worth 1712.79 billion US dollars in 2023, according to official data from the World Bank. The GDP value of South Korea represents 1.62 percent of the world economy. This dataset provides - South Korea GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about South Korea Industrial Production Index Growth

• South Korea Industrial production rose 3.6 % YoY in Jan 2025, following an increase of 3.7 % YoY in the previous month.
• South Korea Industrial production index growth rate YoY data is updated monthly, available from Jan 1958 to Jan 2025, with an average rate of 8.8 %.
• The data reached an all-time high of 39.9 % in Apr 1968 and a record low of -21.5 % in Jan 2009.

CEIC calculates Industrial Production Index Growth from monthly Industrial Production Index. Statistics Korea provides Industrial Production Index with base 2020=100. Industrial Production Index Growth prior to January 1981 is calculated from Industrial Production Index with base 2010=100 sourced from the International Monetary Fund.

Korea GDP: USD: Gross Value Added at Factor Cost: Industry: Manufacturing data was reported at 422.065 USD bn in 2017. This records an increase from the previous number of 378.910 USD bn for 2016. Korea GDP: USD: Gross Value Added at Factor Cost: Industry: Manufacturing data is updated yearly, averaging 58.590 USD bn from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 422.065 USD bn in 2017 and a record low of 284.395 USD mn in 1961. Korea GDP: USD: Gross Value Added at Factor Cost: Industry: Manufacturing data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Korea – Table KR.World Bank: Gross Domestic Product: Nominal. Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Data are in current U.S. dollars.; ; World Bank national accounts data, and OECD National Accounts data files.; Gap-filled total; Note: Data for OECD countries are based on ISIC, revision 4.

In 2024, the gross domestic product (GDP) contributed by the construction sector in South Korea was approximately *** trillion South Korean won. The GDP from this sector showed overall growth until 2017 and started to decrease from the year after. Construction industry in South Korea In 2023, approximately ******* construction permits were issued in South Korea. In 2023, the total construction costs amounted to over *** trillion South Korean won, the highest they have been in the last decade. According to the government construction capability evaluation, South Korea’s leading construction company was Samsung C&T (Construction and Trading). The government’s annual construction capability evaluation measures a company’s performance based on construction contracts, business management, technical capabilities, and brand credibility. Construction overseas South Korean construction companies also operate abroad, constructing industrial plants, public works, electric power plants, telecommunications facilities, and more. Overseas construction orders totaled over ** billion U.S. dollars in 2024. However, this figure remained below the value of orders recorded a decade earlier.

The total contribution of travel and tourism to South Korea’s GDP amounted to around 81 trillion South Korean won in 2017. This number includes direct, indirect, as well as induced contributions. The value decreased in 2017 due to the decrease in visitor arrivals that year.

Importance of tourists from Mainland China

After a peak in 2016, the number of visitors from Mainland China to South Korea plunged the following year, due to political tension between the two countries. The tensions led to Beijing ordering travel companies to stop selling group tours to South Korea. Since Chinese tourists made up for almost half of all visitor arrivals to South Korea, this had a notable impact on the otherwise steadily growing tourism industry. The number of visitors from Mainland China started to grow again in 2018.

Hallyu boosts the industry

Hallyu, also known as the “Korean wave” is a common term referring to the South Korean popular culture, including music, TV shows, and movies. With South Korean popular culture gaining popularity around the globe, the number of visitors to the countries grows as well. For example, after the TV drama Winter Sonata gained popularity overseas in 2002, the number of foreign visitors to its rural filming location Nami Island started to grow. The drama is widely considered to be the start of Hallyu throughout worldwide. Another example is the Korean pop boy band BTS, which is currently considered as the biggest boy band in the world. In 2018, the Seoul Metropolitan Government gave credit to the band for boosting the tourism industry.

Graph and download economic data for Production: Manufacturing: Total Manufacturing for Korea (PRMNTO01KRQ657S) from Q2 1990 to Q2 2023 about Korea, IP, and manufacturing.

In the fourth quarter of 2024, the Business Survey Index (BSI) score for the manufacturing sector in South Korea stood at ** points. This was a decline from ** points in the previous quarter.

Graph and download economic data for Production: Industry: Total Industry Excluding Construction for Korea (PRINTO01KRQ659S) from Q1 1990 to Q2 2023 about Korea, IP, and construction.