The statistic shows gross domestic product (GDP) of South Korea from 1987 to 2024, with projections up until 2029. GDP or gross domestic product is the sum of all goods and services produced in a country in a year; it is a strong indicator of economic strength. In 2024, South Korea's GDP was around 1.87 trillion U.S. dollars. See global GDP for a global comparison. South Korea’s economy South Korea is doing quite well economically. It is among the leading export countries worldwide, it mainly exports electronics, automobiles and machinery. South Korea is also one of the leading import countries worldwide. Additionally, it is one of the leading countries with the largest proportion of global domestic product / GDP based on Purchasing Power Parity (PPP). Its GDP has been increasing for the last few years, while the gross domestic product / GDP growth in South Korea has not been steady but increasing since 2009. South Korea is an OECD member and a member of the G20 states. Among the latter, its GDP growth was higher than that of the United States or the European Union in 2013. South Korea is one of the fastest-growing economies worldwide. Its standard of living is also considered to be quite high, the unemployment rate, which is one key factor, has been at around 3 percent, give or take a few percentage points, for the past decade. As a comparison, the United States’ unemployment rate was almost twice, sometimes three times as high as in South Korea during the same period. As for employment, South Korea’s rate is almost the same as that of the United States or France, with more than 60 percent of employed persons in the population.

This statistic presents the results of a survey on South Korea's perceived and actual economic ranking among the world's top 200 countries as of October 2018. According to data published by Ipsos, South Korean respondents underestimated their country's global economic ranking. On average, the respondents thought that South Korea's GDP ranked 20th among top 200 countries, when South Korea was the ******** largest economy in the world.

South Korea GDP for 2023 was 1.713 trillion US dollars, a 2.32% increase from 2022.

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

<li>South Korea GDP for 2022 was <strong>1.674 trillion US dollars</strong>, a <strong>7.95% decline</strong> from 2021.</li>
<li>South Korea GDP for 2021 was <strong>1.818 trillion US dollars</strong>, a <strong>10.59% increase</strong> from 2020.</li>
<li>South Korea GDP for 2020 was <strong>1.644 trillion US dollars</strong>, a <strong>0.43% decline</strong> from 2019.</li>
</ul>GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The Gross Domestic Product per capita in South Korea was last recorded at 34121.02 US dollars in 2023. The GDP per Capita in South Korea is equivalent to 270 percent of the world's average. This dataset provides - South Korea GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, South Korea's nominal gross domestic product (GDP) reached approximately ***** trillion South Korean won, while North Korea's amounted to about **** trillion South Korean won. Consequently, South Korea's nominal GDP was approximately ** times larger than that of North Korea during that year. Moreover, North Korea's GDP growth has been notably slower than that of South Korea.North Korea's economic development North Korea's economy is centered around its capital city and military, with particular emphasis on the expansion of its nuclear capabilities in recent decades. Roughly ** percent of foreign trade has been with China in the past decade, from which it imports mainly intermediate goods and raw materials. Food shortages, exacerbated by the COVID-19 pandemic, are a recurring issue for North Korea, as poor harvests, international sanctions, and a downturn in inter-Korean trade have created sourcing problems. The full extent of this issue remains unknown, but it is estimated that almost **** the population is undernourished. Kaesong Industrial ComplexThe Kaesong Industrial Complex project began in 2000 and was a crucial part of South Korea's efforts to improve relations with North Korea. It aimed to foster cooperation between the two Koreas and promote stability in the region. The industrial park, located in Kaesong, North Korea, was intended to provide a platform for small and medium-sized South Korean companies. South Korea would provide the necessary capital and infrastructure, while North Korean workers would be tasked with manufacturing products, aiming to stimulate economic growth on both sides of the border. Unfortunately, the complex was affected by tensions between the two Koreas and shut down in 2016. It has not been reopened since.

South Korea is the 13 most competitive nation in the world out of 140 countries ranked in the 2019 edition of the Global Competitiveness Report published by the World Economic Forum. This dataset provides the latest reported value for - South Korea Competitiveness Rank - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Korea Ease of Doing Business Index: 1=Most Business-friendly Regulations data was reported at 4.000 NA in 2017. Korea Ease of Doing Business Index: 1=Most Business-friendly Regulations data is updated yearly, averaging 4.000 NA from Dec 2017 (Median) to 2017, with 1 observations. Korea Ease of Doing Business Index: 1=Most Business-friendly Regulations 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: Business Environment. Ease of doing business ranks economies from 1 to 190, with first place being the best. A high ranking (a low numerical rank) means that the regulatory environment is conducive to business operation. The index averages the country's percentile rankings on 10 topics covered in the World Bank's Doing Business. The ranking on each topic is the simple average of the percentile rankings on its component indicators.; ; World Bank, Doing Business project (http://www.doingbusiness.org/).; ; Data are presented for the survey year instead of publication year. Data before 2013 are not comparable with data from 2013 onward due to methodological changes.

In 2024, the manufacturing industry accounted for approximately ***** percent of South Korea's gross domestic product (GDP), making it the largest economic sector. The wholesale and retail trade, accommodation, and food services sector followed with about ***** percent.

The Gross Domestic Product (GDP) in North Korea was worth 18 billion US dollars in 2019, according to official data from the World Bank. The GDP value of North Korea represents 0.02 percent of the world economy. This dataset provides - North Korea GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

South Korea is ranked 5 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings. The rank of South Korea remained unchanged at 5 in 2019 from 5 in 2018. This dataset includes a chart with historical data for Ease of Doing Business in South Korea.

Key information about South Korea GDP Per Capita

• South Korea Gross Domestic Product (GDP) per Capita reached 36,113.000 USD in Dec 2024, compared with 35,569.900 USD in Dec 2023.
• South Korea GDP Per Capita data is updated yearly, available from Dec 1953 to Dec 2024, with an average number of 5,442.300 USD.
• The data reached an all-time high of 37,503.100 USD in Dec 2021 and a record low of 64.230 in Dec 1955.

• In the latest reports, South Korea GDP expanded 1.012 % YoY in Mar 2023.
• South Korea Nominal GDP reached 429.247 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 1.394 % in Mar 2023.
• Gross Savings Rate of South Korea was measured at 29.857 % in Mar 2023.

South Korea GOI: Weighted Rank data was reported at 22.000 NA in 2023. This records a decrease from the previous number of 24.000 NA for 2022. South Korea GOI: Weighted Rank data is updated yearly, averaging 22.000 NA from Dec 2016 (Median) to 2023, with 8 observations. The data reached an all-time high of 33.000 NA in 2018 and a record low of 17.000 NA in 2020. South Korea GOI: Weighted Rank data remains active status in CEIC and is reported by Milken Institute. The data is categorized under Global Database’s South Korea – Table KR.Milken: Global Opportunity Index.

South Korea GOI: Total Rank data was reported at 22.000 NA in 2023. This stayed constant from the previous number of 22.000 NA for 2022. South Korea GOI: Total Rank data is updated yearly, averaging 19.500 NA from Dec 2016 (Median) to 2023, with 8 observations. The data reached an all-time high of 23.000 NA in 2018 and a record low of 6.000 NA in 2016. South Korea GOI: Total Rank data remains active status in CEIC and is reported by Milken Institute. The data is categorized under Global Database’s South Korea – Table KR.Milken: Global Opportunity Index.

As of May 2024, ******* Group was the largest business group in South Korea, generating approximately ****** trillion South Korean won in revenue. ******* is the biggest family-owned conglomerate in the country, known as a chaebol. These chaebols are significant contributors to South Korea’s gross domestic product (GDP), with the revenue from the five largest chaebols accounting for nearly half of the nation's GDP. Key industry of South Korea’s economy The manufacturing sector is a vital pillar of South Korea's economy and the most valuable industry contributing to the nation's GDP. Over the past several decades, it has been the driving force behind the rapid economic development of South Korea. The contribution of mining and manufacturing, particularly manufacturing, has grown from about **** percent in 1953 to nearly ** percent in 2023. However, despite its importance, the growth of the manufacturing sector has been declining in recent years, contributing fewer percentage points to South Korea's overall economic development. Rising start-up scene in South Korea Historically, large chaebol groups have dominated the South Korean economy. However, in recent years, new players have begun to emerge, indicating a shift in the economic landscape. The South Korean start-up scene has experienced significant growth, fueled by substantial venture capital investments and government financing programs. Over the past decade, the volume of venture capital investments in South Korea has increased more than fourfold. Additionally, the number of start-ups valued at over one billion US dollars, known as unicorns, has also grown significantly. In 2023, South Korea had 23 unicorns, representing a more than sevenfold increase in just seven years.

The average for 2024 based on 41 countries was 58 index points. The highest value was in Singapore: 84 index points and the lowest value was in North Korea: 3 index points. The indicator is available from 1995 to 2024. Below is a chart for all countries where data are available.

South Korea is the 30 least corrupt nation out of 180 countries, according to the 2024 Corruption Perceptions Index reported by Transparency International. This dataset provides the latest reported value for - South Korea Corruption Rank - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Gross Domestic Product per capita in South Korea was last recorded at 49995.49 US dollars in 2023, when adjusted by purchasing power parity (PPP). The GDP per Capita, in South Korea, when adjusted by Purchasing Power Parity is equivalent to 281 percent of the world's average. This dataset provides the latest reported value for - South Korea GDP per capita PPP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2023, the gross regional product of South Korea's Gyeonggi Province amounted to about *** trillion South Korean won, followed by the capital Seoul with around *** trillion won. Gyeonggi and Seoul accounted for almost ** percent of South Korea's gross domestic product (GDP) that year.

In 2024, the revenue of the five largest family-run conglomerates in South Korea (also known as chaebols) accounted for about **** percent of the country's gross domestic product (GDP). The revenue share of GDP had reached the highest level in 2022.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.