5 amazing facts about South Korea GDP and its Economy

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South Korea GDP (Gross Domestic Product)

South Korea country overview

South Korea is officially called the Republic of Korea. South Korea is located in East Asia. Its capital and largest city name are Seoul. South Korea’s official language is Korean.

South Korea GDP
South Korea GDP

When we talk about Ethnic groups in South Korea, so 95% Korean and 5% non-Korean live in South Korea. When we talk about its Religions, so 56% no religion, 28% Christianity, 15% Korean Buddhism and 1% other live in South Korea.

When we talk about its Government system, so South Korean government system is a Unitary presidential constitutional republic. In South Korea, Its president name is Moon Jae-in. Its prime minister name is Kim Boo-Kyum. South Korean speaker of the national assembly name is Park Byeong-seug.

Its chief justice name is Kim Myeong-soo. When we talk about its area, so South Korea’s total country area is 100,360 km2. Its land area rank is 107th in the world. South Korea’s total population is 51,709,100 in the year 2019. Its population world rank is 27th in the world.

Its population density is 507/km2 which is considered the very high population density area in the world. Its population density rank is 13th in the world.

South Korean Economy

South Korea’s currency name is South Korean won (KRW). its fiscal year is between  January 1 to December 31. Generally, South Korea is considered a Developed or Advanced country. It is a high-income economy country.

South Korean peoples are the most advanced and most educated people in the world. In South Korea, the Inflation rate is 0.6% in the year 2020 which is considered very low in the world. When we talk about poverty in South Korea, so 14% of the South Korean population live below the poverty line.

South Korea’s Human Development Index is 0.916 in the year 2019. This HDI is considered very high in the world. South Korea’s HDI rank is 23rd in the world. In South Korea, the total labour force is 28,466,600 in the year 2020. Its labour force by occupation is Agriculture: 4.7%, industry: 25% and services 71% in the year 2017.

The unemployment rate in South Korea is 3.6% in the year 2020. Its current account is $67 billion in the year 2020. South Korea’s gross external debt is $542 billion in the year 2020. South Korea has $460 billion Foreign reserves in the year 2021.

South Korea GDP

The total GDP of South Korea is $1.8 trillion (nominal) and $2.2 trillion (PPP) in the year 2021. Its GDP rank is 10th (nominal) and 14th (PPP) in the year 2020. South Korea’s GDP growth rate is 4% in the year 2021.

When we talk about its GDP per capita, so South Korea’s GDP per capita is $34,860 (nominal) and $47,100 (PPP) in the year 2021 which is considered very high in the world. Its GDP per capita rank is 26th (nominal) and 24th (PPP) in the year 2020. When we talk about its GDP by sector, so Agriculture: 2.3%, industry: 40% and services are 58%. 

Exports

South Korea’s total exports are $513 billion in the year 2020. Its main export goods are Machinery, Mineral, Plastics, Iron, Chemicals, Auto parts etc. South Korea’s main export partners are China, United States, European Union, Hong Kong, Japan, Russia etc.

Imports

Its total imports are $470 billion in the year 2020. South Korea’s main import goods are Fuels, Minerals, Machinery, Iron, Chemicals and others. South Korea’s main import partners are China, the United States, European Union, Japan, Australia, Saudi Arabia and others.

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