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, 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).

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.

In 2023, the motor vehicle and trailer manufacturing sector was the leader in the manufacturing industry, with a production value of about 282.5 trillion South Korean won. Following closely were the manufacturing sectors for electronic components, computers, and video, audio, and telecommunications equipment, which generated around 264.62 trillion won.

The Gross Domestic Product (GDP) in South Korea contracted 0.20 percent in the first quarter of 2025 over the previous quarter. This dataset provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

Korea GDP: % of Manufacturing: Chemicals data was reported at 10.867 % in 2014. This records a decrease from the previous number of 10.887 % for 2013. Korea GDP: % of Manufacturing: Chemicals data is updated yearly, averaging 9.434 % from Dec 1963 (Median) to 2014, with 52 observations. The data reached an all-time high of 12.529 % in 1968 and a record low of 6.753 % in 2008. Korea GDP: % of Manufacturing: Chemicals data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Korea – Table KR.World Bank.WDI: Gross Domestic Product: Share of GDP. Value added in manufacturing is the sum of gross output less the value of intermediate inputs used in production for industries classified in ISIC major division D. Chemicals correspond to ISIC division 24.; ; United Nations Industrial Development Organization, International Yearbook of Industrial Statistics.; ;

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: % of GDP: Gross Value Added: Industry data was reported at 35.869 % in 2017. This records an increase from the previous number of 35.130 % for 2016. Korea GDP: % of GDP: Gross Value Added: Industry data is updated yearly, averaging 33.251 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 36.489 % in 1991 and a record low of 17.083 % in 1960. Korea GDP: % of GDP: Gross Value Added: Industry data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Korea – Table KR.World Bank.WDI: Gross Domestic Product: Share of GDP. 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 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average; Note: Data for OECD countries are based on ISIC, revision 4.

In 2022, the machinery sector had the most businesses in the manufacturing industry in South Korea, with 10,369 registered companies. This was followed by the automobile industry with 4,822 businesses.

Korea GDP: % of Manufacturing: Food, Beverages and Tobacco data was reported at 5.965 % in 2014. This records a decrease from the previous number of 5.976 % for 2013. Korea GDP: % of Manufacturing: Food, Beverages and Tobacco data is updated yearly, averaging 11.389 % from Dec 1963 (Median) to 2014, with 52 observations. The data reached an all-time high of 31.678 % in 1964 and a record low of 5.372 % in 2011. Korea GDP: % of Manufacturing: Food, Beverages and Tobacco 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: Share of GDP. Value added in manufacturing is the sum of gross output less the value of intermediate inputs used in production for industries classified in ISIC major division D. Food, beverages, and tobacco correspond to ISIC divisions 15 and 16.; ; United Nations Industrial Development Organization, International Yearbook of Industrial Statistics.; ;

Korea GDP: % of Manufacturing: Medium and High Tech Industry data was reported at 63.653 % in 2015. This stayed constant from the previous number of 63.653 % for 2014. Korea GDP: % of Manufacturing: Medium and High Tech Industry data is updated yearly, averaging 60.151 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 69.014 % in 2011 and a record low of 45.156 % in 1990. Korea GDP: % of Manufacturing: Medium and High Tech 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: Share of GDP. The proportion of medium and high-tech industry value added in total value added of manufacturing; ; United Nations Industrial Development Organization (UNIDO), Competitive Industrial Performance (CIP) database; ;

Korea GDP: % of Manufacturing: Textiles and Clothing data was reported at 3.613 % in 2014. This records a decrease from the previous number of 3.620 % for 2013. Korea GDP: % of Manufacturing: Textiles and Clothing data is updated yearly, averaging 14.687 % from Dec 1963 (Median) to 2014, with 52 observations. The data reached an all-time high of 23.639 % in 1967 and a record low of 3.540 % in 2012. Korea GDP: % of Manufacturing: Textiles and Clothing 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: Share of GDP. Value added in manufacturing is the sum of gross output less the value of intermediate inputs used in production for industries classified in ISIC major division D. Textiles and clothing correspond to ISIC divisions 17-19.; ; United Nations Industrial Development Organization, International Yearbook of Industrial Statistics.; ;

Graph and download economic data for Infra-Annual Labor Statistics: Employment: Economic Activity: Manufacturing: Total for Korea (LFEAMNTTKRA647S) from 1989 to 2024 about Korea, manufacturing, and employment.

Industrial Production in South Korea increased 4.90 percent in April 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.

GDP from Manufacturing in South Korea decreased to 152293.40 KRW Billion in the first quarter of 2025 from 153531.70 KRW Billion in the fourth quarter of 2024. This dataset provides the latest reported value for - South Korea Gdp From Manufacturing - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Employment in industry (% of total employment) (modeled ILO estimate) in South Korea was reported at 23.99 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Korea - Employment in industry (% of total employment) - actual values, historical data, forecasts and projections were sourced from the World Bank on May of 2025.

Exports in South Korea increased to 56563 USD Million in March from 52402.56 USD Million in February of 2024. This dataset provides the latest reported value for - South Korea Exports - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Korea (DC)GDP: sa: Gross Value Added at Basic Prices data was reported at 212,545.800 KRW bn in Sep 2008. This records a decrease from the previous number of 214,064.800 KRW bn for Jun 2008. Korea (DC)GDP: sa: Gross Value Added at Basic Prices data is updated quarterly, averaging 33,896.800 KRW bn from Mar 1970 (Median) to Sep 2008, with 155 observations. The data reached an all-time high of 214,064.800 KRW bn in Jun 2008 and a record low of 581.000 KRW bn in Mar 1970. Korea (DC)GDP: sa: Gross Value Added at Basic Prices data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s Korea – Table KR.A068: GDP: By Industry: Current Price: Seasonally Adjusted (Old).

Graph and download economic data for Hourly Earnings: Earnings: Economic Activity: Manufacturing: Total Economy for Korea (LCEAMN01KRA661N) from 1992 to 2024 about Korea, compensation, earnings, hours, and manufacturing.