After knowing the about the main cities in South Korea, to understand business practices one must know about the countries wealth. South Korea has an overall gross domestic product (GNP) of one trillion two billion eight hundred twenty-five million two hundred seventy-six thousand one hundred twenty US dollars (See appendix A1). The GNP per person is twenty thousand five hundred thirty US dollars. (ucatlas.uscs.edu, 2003) This means that South Korea is producing twenty thousand five hundred thirty US dollars worth of products per person in South Korea each year.
South Korea has a Gross Domestic Product (GDP) of one trillion fourteen billion five hundred million US dollars. Compared to the BRIC countries South Korea is fairly close except for the case of China who has a GDP of almost six trillion US dollars. (Google.com, 2012) (See appendix A2) South Korea has a Purchasing Power Parity (PPP) GDP of one trillion five hundred forty nine billion US dollars. They are compared at thirteenth in the world directly behind Mexico and right before Spain. From two thousand nine to two thousand eleven their GDP PPP rose fourteen billion US dollars. Their exchange rate GDP is lowered to one trillion one hundred sixty four billion US dollars. South Korea has a GDP per capita of thirty-one thousand seven hundred. That means that the countries total revenue divided by each person in the country of Korea equals that amount of US dollars. That number grew from two thousand nine to two thousand eleven by twenty eight hundred US dollars. (cia.gov, 2012) Most of South Korea’s GDP has grown during two thousand ten.
More than fifty percent of South Korea’s composition by sector GDP is services. In two thousand eight services was estimated at fifty eight point two percent of the GDP. That is followed by services at thirty-nine point two of the GDP. South Korea does not focus on producing agriculture since they have only two point six percent of the GDP in the sector. (cia.gov, 2012)
South Korea grew an exception amount from the year two thousand nine to two thousand ten. Over that one-year period South Korea grew from point three percent to six point two percent. As of two thousand eleven South Koreas growth rate GDP lowered to a three point six percent. (cia.gov, 2012) Compared to the world South Korea has grown at a higher pace since before two thousand five. (See appendix A3)
South Korea has a lower inflation rate than many areas in the world. In two thousand ten the inflation rate was three percent. The next year the rate grew to four percent. (cia.gov, 2012) South Korea has a similar inflation rate compared to the United States and China. The other BRIC countries, except for China, have a higher inflation rate than South Korea does. (worldbank.org, 2012)
South Korea continues to be steadily below the other BRIC countries. They have a Gross National Income (GNI) of one trillion four hundred seventeen billion nine hundred million US dollars. That is about thirteen trillion US dollars below the United States. However, South Korea is about five hundred billion US dollars below Brazil.
The currency used in South Korea is called won or KRW used in financial terms. The current exchange rate for one United Sates dollar is one thousand one hundred seven point three won. Since two thousand seven the exchange rate from one United States dollar to won has shifted. In two thousand seven you would only receive nine hundred twenty nine point two won for each United States dollar. The year following you were given one hundred seventy two point five won more. That number increased in two thousand nine and two thousand ten reaching one thousand five hundred six points zero six won. In two thousand ten the number had decreased as one dollar would give you one thousand one hundred seven point three won. (cia.gov, 2012) Currently the rate has increased to one thousand one hundred fifty six point six won per United States dollar. (Google.com, 2012)...
Please join StudyMode to read the full document