Economy of South Korea. Statistics, Data and Indicators
South Korea
| 84AA | Credit rank #26 |
| 155.38 | Quality of life #27 |
| 31 | Corruption rank#42 |
| 5 | Ease of doing business#5 |
South Korea Major Economic Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 1665 USD Billion | 2022 |
| GDP Annual Growth Rate | 0.9 % | 2Q/23 |
| GDP Growth Rate | 0.6 % | 2Q/23 |
| GDP per capita | 33645 USD | 2022 |
| Inflation Rate YoY | 3.7 % | Sep/23 |
| Interest Rate | 3.5 % | Sep/23 |
| Unemployment Rate | 2.4 % | Aug/23 |
| Wages | 4035499 KRW/Month | 3015.471 USD/Month | 2Q/23 |
| Balance of Trade | 3700 USD Million | 3.7 B USD | Sep/23 |
| Current Account | 4810 USD Million | 4.81 B USD | Aug/23 |
| Foreign Exchange Reserves | 414118 USD Million | 414.118 B USD | Sep/23 |
GDP Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 1665 USD Billion | 2022 |
| GDP Annual Growth Rate | 0.9 % | 2Q/23 |
| GDP Growth Rate | 0.6 % | 2Q/23 |
| GDP per capita | 33645 USD | 2022 |
| Gross National Product | 471514 KRW Billion | 352.332 USD Billion | 2Q/23 |
| GDP Constant Prices | 497214 KRW Billion | 371.536 B USD | 2Q/23 |
| GDP per capita PPP | 45467 USD | 2022 |
| GDP From Agriculture | 8168 KRW Billion | 6.103 B USD | 2Q/23 |
| GDP From Construction | 22187 KRW Billion | 16.579 B USD | 2Q/23 |
| GDP From Manufacturing | 131969 KRW Billion | 98.612 B USD | 2Q/23 |
| GDP From Mining | 457 KRW Billion | 0.341 B USD | 2Q/23 |
| GDP From Public Administration | 30349 KRW Billion | 22.678 B USD | 2Q/23 |
| GDP From Services | 285231 KRW Billion | 213.135 B USD | 2Q/23 |
| GDP From Transport | 17338 KRW Billion | 12.956 B USD | 2Q/23 |
| GDP From Utilities | 11246 KRW Billion | 8.403 B USD | 2Q/23 |
Budget Indicators
| Indicator | Data | Period |
|---|---|---|
| Government Debt to GDP | 49.6 % | 2022 |
| Government Budget Value | -37887 KRW Billion | -28.311 USD Billion | Jul/23 |
| Government Spending | 88136 KRW Billion | 65.858 USD Billion | 2Q/23 |
| Government Revenues | 336911 KRW Billion | 251.752 USD Billion | Jul/23 |
| Fiscal Expenditure | 374798 KRW Billion | 280.063 B USD | Jul/23 |
| Government Budget to GDP | -7 % | 2022 |
| Government Spending to GDP | 38.1 % | 2020 |
| Military Expenditure | 46365 USD Million | 46.365 B USD | 2022 |
Inflation Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Price Index (CPI) | 113 index points | Sep/23 |
| Export Prices | 118 index points | Aug/23 |
| Food Inflation | 5.12 % | Sep/23 |
| Gasoline Prices | 1.32 USD/Liter | Sep/23 |
| GDP Deflator | 111 index points | 2Q/23 |
| Import Prices | 136 index points | Aug/23 |
| Inflation Rate YoY | 3.7 % | Sep/23 |
| Producer Prices | 121 index points | Aug/23 |
| Inflation Rate Mom | 0.6 % | Sep/23 |
| Core Consumer Prices | 111 Index Points | Sep/23 |
| Core Inflation Rate | 3.82 % | Sep/23 |
| CPI Housing Utilities | 113 Index Points | Sep/23 |
| CPI Transportation | 116 Index Points | Sep/23 |
| Inflation Expectations | 3.3 % | Sep/23 |
| Producer Prices Change | 1 % | Aug/23 |
Trade Indicators
| Indicator | Data | Period |
|---|---|---|
| Current Account to GDP | 3.2 % | 2022 |
| Weapons Sales | 209 USD Million | 2022 |
| Balance of Trade | 3700 USD Million | 3.7 USD Billion | Sep/23 |
| Capital Flows | 5701 USD Million | 5.701 USD Billion | Aug/23 |
| Current Account | 4810 USD Million | 4.81 USD Billion | Aug/23 |
| Exports | 54660 USD Million | 54.66 USD Billion | Sep/23 |
| External Debt | 665050 USD Million | 665.05 USD Billion | 2Q/23 |
| Foreign Exchange Reserves | 414118 USD Million | 414.118 USD Billion | Sep/23 |
| Imports | 50963 USD Million | 50.963 USD Billion | Sep/23 |
| Terms of Trade | 86.5 Index Points | Aug/23 |
| Tourism Revenues | 1120 USD Million | 1.12 B USD | Jul/23 |
| Tourist Arrivals | 1032188 Persons | 1.032 Million Persons | Jul/23 |
Money Indicators
| Indicator | Data | Period |
|---|---|---|
| Bank Lending Rate | 5.1 % | Aug/23 |
| Gold Reserves | 104 Tonnes | 2Q/23 |
| Interbank Rate | 3.88 % | Oct/23 |
| Interest Rate | 3.5 % | Sep/23 |
| Loans to Private Sector | 12269244 KRW HML | 916.802 USD Billion | Aug/23 |
| Money Supply M0 | 165394592 KRW Million | 123.589 USD Billion | Jul/23 |
| Money Supply M1 | 1194157 KRW Billion | 892.317 USD Billion | Jul/23 |
| Money Supply M2 | 3801881 KRW Billion | 2840.903 USD Billion | Jul/23 |
| Money Supply M3 | 5177198 KRW Billion | 3868.59 USD Billion | Jul/23 |
| Central Bank Balance Sheet | 540934 KRW Billion | 404.205 B USD | Jul/23 |
| Deposit Interest Rate | 3.81 % | Jul/23 |
| Foreign Direct Investment | 6854933 USD Thousand | 6.855 B USD | 3Q/23 |
Labor Indicators
| Indicator | Data | Period |
|---|---|---|
| Minimum Wages | 9620 KRW/Hour | 1150.146 USD/Month | 2023 |
| Retirement Age Men | 60 | 2022 |
| Retirement Age Women | 60 | 2022 |
| Unemployment Rate | 2.4 % | Aug/23 |
| Wages | 4035499 KRW/Month | 3015.471 USD/Month | 2Q/23 |
| Youth Unemployment Rate | 4.5 % | Aug/23 |
| Employed Persons | 28445 Thousand Person | 28.445 Million Person | Aug/23 |
| Employment Rate | 63.1 % | Aug/23 |
| Labor Force Participation Rate | 64.4 % | Aug/23 |
| Unemployed Persons | 709 Thousand Persons | 0.709 Million Persons | Aug/23 |
| Wages in Manufacturing | 4374212 KRW/Month | 3268.569 USD/Month | 2Q/23 |
Taxes
| Indicator | Data | Period |
|---|---|---|
| Corporate Tax Rate | 27.5 % | 2023 |
| Personal Income Tax Rate | 45 % | 2023 |
| Sales Tax Rate | 10 % | 2023 |
| Social Security Rate | 19.24 % | 2021 |
| Social Security Rate For Companies | 10.11 % | 2021 |
| Social Security Rate For Employees | 9.13 % | 2021 |
Production Indicators
| Indicator | Data | Period |
|---|---|---|
| Electricity Production | 23910 GWh | Jul/23 |
| Industrial Production | -0.5 % | Aug/23 |
| Mining Production | -13.6 % | Jul/23 |
| Steel Production | 5600 Thousand Tonnes | Aug/23 |
| Car Production | 352972 Units | 352.972 Units | 2023 |
| Industrial Production (MoM) | 5.5 % | Aug/23 |
Business Indicators
| Indicator | Data | Period |
|---|---|---|
| Bankruptcies | 12 companies | Aug/23 |
| Business Confidence | 68 index points | Sep/23 |
| Corruption Index | 63 index points | 2022 |
| Corruption Rank | 31 place | 2022 |
| Ease of Doing Business | 5 place | 2019 |
| Manufacturing PMI | 49.9 index points | Sep/23 |
| Manufacturing Production | -0.56 % | Aug/23 |
| Competitiveness Index | 79.62 Index Points | 2019 |
| Competitiveness Rank | 13 | 2019 |
| Leading Economic Index | 111 Index Points | Aug/23 |
Consumer Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Confidence | 99.7 index points | Sep/23 |
| Private Debt To GDP | 282 % | 2022 |
| Retail Sales MoM | -0.3 % | Aug/23 |
| Retail Sales YoY | -1.7 % | Jul/23 |
| Consumer Credit | 1862781 KRW Billion | 1391.937 USD Billion | 2Q/23 |
| Consumer Spending | 233081 KRW Billion | 174.167 USD Billion | 2Q/23 |
| Disposable Personal Income | 2191419 KRW Billion | 1637.508 B USD | 2022 |
| Households Debt To GDP | 102 % | 1Q/23 |
Housing Market
| Indicator | Data | Period |
|---|---|---|
| Construction Output | 12.3 % | Aug/23 |
