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.

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.

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.

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.

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.

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.

Key information about South Korea Gross National Product (GNP)

• South Korea Gross National Product (GNP) was reported at 486.925 USD bn in Dec 2024.
• This records an increase from the previous number of 481.994 USD bn for Sep 2024.
• South Korea Gross National Product (GNP) data is updated quarterly, averaging 90.749 USD bn from Mar 1960 to Dec 2024, with 260 observations.
• The data reached an all-time high of 504.693 USD bn in Dec 2021 and a record low of 554.231 USD mn in Sep 1961.

• South Korea Gross National Product (GNP) data remains active status in CEIC and is reported by CEIC Data.
• CEIC converts quarterly Gross National Product into USD. The Bank of Korea provides Gross National Product in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.

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.

The gross domestic product (GDP) per capita in South Korea was forecast to continuously increase between 2024 and 2030 by in total 5,762.76 U.S. dollars (+15.95 percent). After the seventh consecutive increasing year, the GDP per capita is estimated to reach 41,891.75 U.S. dollars and therefore a new peak in 2030. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).Find more key insights for the gross domestic product (GDP) per capita in countries like Mongolia, Japan, and Taiwan.

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.

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.

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.

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.

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.

As of September 2025, the executive chairman of Meritz Financial Group Cho Jung-ho was the wealthiest person in South Korea, with a net worth of about 8.4 billion U.S. dollars. His net worth increased from 3.4 billion U.S. dollars from the previous year when he rose from seventh to first place. Lee Jae-yong, the chairman of Samsung Electronics, followed with about 8.2 billion dollars. Turbulent times for the wealthy Despite the country's economic recovery from the impact of COVID-19, South Korea’s wealthiest people lost a significant amount of their net worth because of the poorly performing stock market and a weakened currency. Lee Jae-yong overcame the shrinking demand for tech goods and ranked as the wealthiest South Korean, although his net worth the year before was more than one billion dollars higher. The founder of Kakao, Kim Beom-su, had the same net worth as Lee Jae-yong in 2022. However, he only placed fourth in 2023, losing more than four billion dollars in net worth within the year. In October 2022, Kakao faced public outrage and criticism because of a service outage. Conglomerates’ dominating position in the South Korean economy   Although the collective wealth of the 50 wealthiest people in South Korea fell by about 18 percent, conglomerates dominated the market. Samsung Electronics had the highest market capitalization among business groups listed in South Korea, amounting to about 474 trillion South Korean won. The position of the largest businesses represented a significant hurdle for start-ups. South Korea had a low survival rate for new companies compared to the OECD average, discouraging the emergence of new businesses. When asked about the most critical challenges, small- and medium-sized business owners answered that increasing revenue and attracting customers were the most difficult.

In 2021, Macao had the highest estimated gross domestic product (GDP) growth with **** percent, followed by the Maldives with an estimated GDP growth of **** percent. Many economies were forecasted to have seen a decline in GDP in 2021, possibly due to COVID-19, reaching up to *** percent in Myanmar. Nevertheless, almost economies were forecasted to recover in 2022 and 2023.

The economic state in Asia

In 2020, China led the Asia Pacific region in terms of GDP with approximately **** trillion U.S. dollars, followed by India, South Korea, and Australia. In comparison, the GDP value for emerging and developing Asia was at aproximately **** trillion international dollars in that year. In terms of GDP per capita, Singapore ranked the highest with approximately **** U.S. dollars, followed by Australia with a per capita GDP of around **** U.S. dollars.

Higher GDP growth for developing Asia Pacific countries

For 2022 and 2023, it was forecasted that Macao and the Maldives would have the highest GDP growth. Overall, Afghanistan had the highest predicted rise in GDP growth from 2021 to 2023. South Asia, Southeast Asia, and Southwest Asia were forecasted to be leading the region’s economic growth with comparably higher GDP growth rates. Developed countries including Australia, New Zealand and Japan were projected to have stagnant GDP growth.

Time series data for the statistic Total Credit To General Government (% of GDP) and country Korea, Rep.. Indicator Definition:Total Credit To General Government (% of GDP)The indicator "Total Credit To General Government (% of GDP)" stands at 47.20 as of 3/31/2025, the highest value at least since 3/31/1991, the period currently displayed. Regarding the One-Year-Change of the series, the current value constitutes an increase of 4.42 percent compared to the value the year prior.The 1 year change in percent is 4.42.The 3 year change in percent is 7.76.The 5 year change in percent is 17.12.The 10 year change in percent is 27.22.The Serie's long term average value is 22.58. It's latest available value, on 3/31/2025, is 109.03 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 12/31/1996, to it's latest available value, on 3/31/2025, is +972.73%.The Serie's change in percent from it's maximum value, on 3/31/2025, to it's latest available value, on 3/31/2025, is 0.0%.

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.

Index of economic freedom of Republic of Korea went down by 0.81% from 73.70 score in 2023 to 73.10 score in 2024. Since the 0.81% climb in 2022, index of economic freedom reduced by 2.01% in 2024. Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please, with that freedom both protected by the state and unconstrained by the state. In economically free societies, governments allow labor, capital and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself. 100 represents the maximum freedom.