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An update from Evaneos
South Korea

Economic situation of South Korea

During your trip to South Korea you will find yourself in one of the richest countries in the world. South Korea has seen a swift and very stable growthfor a number of years.

Economic situation

Along with Hong Kong, Singapore and Taiwan, South Korea forms the fourth dragon of Asia. Even before this trip to South Korea, you have without any doubt, already heard of the famous quartet, which has lasted for many decades and has experienced an unhalted growth. Today, South Korea forms a part of the very solid circle of the richest countries of the world.

Without wanting to overwhelm you with too many figures, see for yourselves. Each year South Korea produces a GDP which reaches 1365 billion dollars. Which corresponds to a GDP of $28 100 (€25 700). When comparing this last piece of information, it is around 1.5 times less than France but all the same it's 7 times greater than in China. Today the world economic crisis has yet to affect them, the growth rate remains above 6%, and whilst the unemployment rate is below 4%, many countries across the world turn green with envy. The inflation rate is limited to less than 3% and public debt is more or less at a level of 23% of their GDP. With regard to outside trade, the sum of exports is 15 % above the sum of imports. To sum up, the economic success of South Korea has nothing to prove .

In South Korea

Different sectors

In South Korea, the agricultural sector doesn't employ more than 7% of the population and its part in the GDP only counts for 3%.

Thanks to the steel industry, the car industry, electronics, naval construction and pharmaceutical products, the industrial sector employs 25% of the population and has a 40% proportion within the GDP.

The services sector remains the most powerful with over 67% of the population working for the, also counting for over 57% of the GDP.

David Debrincat
459 contributions
Updated 17 November 2015
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