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.

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.

South Korea: Percent of world GDP: The latest value from 2023 is 1.62 percent, a decline from 1.66 percent in 2022. In comparison, the world average is 0.53 percent, based on data from 188 countries. Historically, the average for South Korea from 1980 to 2023 is 1.54 percent. The minimum value, 0.61 percent, was reached in 1980 while the maximum of 2.05 percent was recorded in 2006.

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.

Related information about South Korea GDP Per Capita data

• 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.

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.

Key information about South Korea Private Consumption: % of GDP

• South Korea Private Consumption accounted for 47.7 % of its Nominal GDP in Dec 2024, compared with a ratio of 48.5 % in the previous quarter.
• South Korea Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1960 to Dec 2024, with an average share of 54.3 %.
• The data reached an all-time high of 116.4 % in Mar 1964 and a record low of 46.4 % in Dec 2020.

CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. The Bank of Korea provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about South Korea Private Consumption: % of GDP

• In the latest reports, South Korea GDP expanded 1.0 % YoY in Mar 2023.
• Its Nominal GDP reached 429.2 USD bn in Mar 2023.
• South Korea GDP Per Capita reached 36,113.0 USD in Dec 2024.
• Its Gross Savings Rate was measured at 29.9 % 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.

GDP per capita (constant 2015 US$) in South Korea was reported at 34121 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Korea - GDP per capita (constant 2000 US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on September of 2025.

In 2023, South Korea's national debt accounted for approximately 46.9 percent of the country's gross domestic product (GDP), which was a slight increase from about 45.9 percent in the previous year. The debt-to-GDP ratio of South Korea has been slowly but steadily increasing over the years. With the implementation of emergency relief funds and increased government spending during the COVID-19 outbreak in 2020, it was expected that the debt ratio would continue to grow in the future.

South Korea: GDP per capita, Purchasing Power Parity: The latest value from 2023 is 50414 U.S. dollars, an increase from 49778 U.S. dollars in 2022. In comparison, the world average is 26561 U.S. dollars, based on data from 187 countries. Historically, the average for South Korea from 1990 to 2023 is 32678 U.S. dollars. The minimum value, 13840 U.S. dollars, was reached in 1990 while the maximum of 50414 U.S. dollars was recorded in 2023.

South Korea: Value added in the agricultural sector as percent of GDP: The latest value from 2023 is 1.6 percent, a decline from 1.64 percent in 2022. In comparison, the world average is 9.80 percent, based on data from 176 countries. Historically, the average for South Korea from 1960 to 2023 is 12.87 percent. The minimum value, 1.6 percent, was reached in 2023 while the maximum of 46.53 percent was recorded in 1964.

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 Public Consumption: % of GDP

• South Korea Public Consumption accounted for 16.4 % of its Nominal GDP in Dec 2024, compared with a share of 16.6 % in the previous quarter.
• South Korea Public Consumption share of Nominal GDP ratio is updated quarterly, available from Mar 1960 to Dec 2024, with an average number of 11.4 %.
• The data reached an all-time high of 19.4 % in Mar 2023 and a record low of 7.2 % in Dec 1964.

CEIC calculates Government Consumption as % of Nominal GDP from quarterly Government Consumption Expenditure and quarterly Nominal GDP. The Bank of Korea provides Government Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about South Korea Public Consumption: % of GDP

• In the latest reports, South Korea GDP expanded 1.0 % YoY in Mar 2023.
• South Korea Nominal GDP reached 429.2 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 1.4 % in Mar 2023.
• South Korea GDP Per Capita reached 36,113.0 USD in Dec 2024.
• Its Gross Savings Rate was measured at 29.9 % in Mar 2023.
• For Nominal GDP contributions, Investment accounted for 30.9 % in Dec 2024.
• Private Consumption accounted for 47.7 % in Dec 2024.

South Korea: GDP per unit of energy used: The latest value from 2023 is 9.76 GDP per kg of oil equivalent, an increase from 9.46 GDP per kg of oil equivalent in 2022. In comparison, the world average is 20.07 GDP per kg of oil equivalent, based on data from 40 countries. Historically, the average for South Korea from 1990 to 2023 is 6.09 GDP per kg of oil equivalent. The minimum value, 3.9 GDP per kg of oil equivalent, was reached in 1993 while the maximum of 9.76 GDP per kg of oil equivalent was recorded in 2023.

South Korea: Health spending as percent of GDP: The latest value from 2023 is 9.88 percent, an increase from 9.43 percent in 2022. In comparison, the world average is 8.63 percent, based on data from 21 countries. Historically, the average for South Korea from 2000 to 2023 is 6.33 percent. The minimum value, 3.86 percent, was reached in 2000 while the maximum of 9.88 percent was recorded in 2023.

GDP per capita growth of Republic of Korea sank by 54.43% from 2.8 % in 2022 to 1.3 % in 2023. Since the 13.04% jump in 2017, GDP per capita growth plummeted by 55.47% in 2023. Annual percentage growth rate of GDP per capita based on constant local currency. Aggregates are based on constant U.S. dollars. GDP per capita is gross domestic product divided by midyear population. 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.

Graph and download economic data for Gross Domestic Product for Republic of Korea (MKTGDPKRA646NWDB) from 1960 to 2023 about Korea and GDP.

GDP per capita (LCU) of Republic of Korea increased by 3.37% from 41,836,006 LCU in 2022 to 43,245,332 LCU in 2023. Since the 3.74% rise in 2013, GDP per capita (LCU) shot up by 45.31% in 2023. GDP per capita is gross domestic product divided by midyear population. GDP 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.

South Korea: International tourism revenue, percent of GDP: The latest value from 2020 is 0.72 percent, a decline from 1.54 percent in 2019. In comparison, the world average is 3.33 percent, based on data from 125 countries. Historically, the average for South Korea from 1995 to 2020 is 1.26 percent. The minimum value, 0.72 percent, was reached in 2020 while the maximum of 2.16 percent was recorded in 1998.