south korea country report

Topics: South Korea, Economic growth, Korea Pages: 4 (971 words) Published: December 31, 2013

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South Korea: Economic Overview

Economic history and projections:
The Gross Domestic Product (GDP) in South Korea expanded 0.80 percent in the first quarter of 2013 over the previous quarter. GDP Growth Rate in South Korea is reported by the Bank of Korea. Historically, from 1970 until 2013, South Korea GDP Growth Rate averaged 1.73 Percent reaching an all time high of 6.80 Percent in March of 1988 and a record low of -7 Percent in March of 1998. South Korea relies mainly on exports for their economy. After the Asian financial crisis in late 90’s, South Korea’s economy grew at an average 1.1 percent on a quarter over quarter basis, mainly because of exports, which is half of its GDP. South Korea is the world's leading producer of displays and memory semiconductors and the second largest shipbuilding producer. Yet, the high reliance on exports together with a limited domestic market and a rapidly aging population are the main threats to the future growth.

Economic Indicators:
GDP real growth rate: 2.7%
GDP -per capita (PPP): $32,400
population below poverty line: 15%
Labor force: 25.18 million
unemployment rate: 3.8%
Inflation rate: 2.2%

Budget:
revenues: $271.9 billion
expenditures: $249.2 billion

GDP - composition by sector:
agriculture: 2.7%
Industry: 39.8%
Services 57.5%

Agriculture:
rice, root crops, barely, vegetables, fruit; cattle, pigs, chicken, milk, eggs; fish

Industry
electronics, telecommunications, automobile production, chemicals, ship building, steel

Economic Structure:
The chaebols, Korean conglomerates such as Hyundai, Samsung and Daewoo and LG3, play an important role in the Korean economy. In 1995, the four companies had produced 9% of the country’s GDP.1 Although economic reforms have curtailed some of their dominance, these multinationals...
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