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South Korea

Taehan-min'guk

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated

revenues

$513.21 billion (2023 est.)

expenditures

$532.023 billion (2023 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$825.961 billion (2022 est.)

Exports 2023

$769.243 billion (2023 est.)

Exports 2024

$835.149 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$817.594 billion (2022 est.)

Imports 2023

$758.41 billion (2023 est.)

Imports 2024

$758.724 billion (2024 est.)

Industries

electronics, telecommunications, automobile production, chemicals, shipbuilding, steel

Labor force

29.713 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: central government debt as a % of GDP

Public debt 2023

52.3% of GDP (2023 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2021

0.4% of GDP (2021 est.)

Remittances 2022

0.5% of GDP (2022 est.)

Remittances 2023

0.4% of GDP (2023 est.)

Exchange rates

Currency

South Korean won (KRW) per US dollar -

Exchange rates 2020

1,180.266 (2020 est.)

Exchange rates 2021

1,143.952 (2021 est.)

Exchange rates 2022

1,291.447 (2022 est.)

Exchange rates 2023

1,305.662 (2023 est.)

Exchange rates 2024

1,363.375 (2024 est.)

Economic overview

high-income, export- and technology-oriented East Asian economy; manufacturing led by semiconductor and automotive industries; slow growth amid declining construction investment, export risks, and recent political instability; aging workforce; increased restraint in fiscal policy while maintaining industry support initiatives

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

2.9% (2022 est.)

Unemployment rate 2023

2.7% (2023 est.)

Unemployment rate 2024

2.7% (2024 est.)

Exports - partners

China 25%, USA 18%, Hong Kong 4%, Japan 4%, Taiwan 4% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

China 31%, USA 13%, Japan 9%, Germany 5%, Australia 4% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2021

$48,400 (2021 est.)

Real GDP per capita 2022

$49,800 (2022 est.)

Real GDP per capita 2023

$50,400 (2023 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2021

4.3% (2021 est.)

Real GDP growth rate 2022

2.6% (2022 est.)

Real GDP growth rate 2023

1.4% (2023 est.)

Agricultural products

rice, vegetables, cabbages, milk, onions, pork, chicken, eggs, tangerines/mandarins, potatoes (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

integrated circuits, cars, refined petroleum, plastics, machine parts (2023)

note: top five export commodities based on value in dollars

Imports - commodities

integrated circuits, natural gas, crude petroleum, machinery, cars (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

$25.829 billion (2022 est.)

Current account balance 2023

$32.822 billion (2023 est.)

Current account balance 2024

$99.043 billion (2024 est.)

Taxes and other revenues

15.7% (of GDP) (2023 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$1.713 trillion (2023 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

48.9% (2023 est.)

government consumption

18.9% (2023 est.)

investment in inventories

-0.1% (2023 est.)

investment in fixed capital

32.2% (2023 est.)

exports of goods and services

44% (2023 est.)

imports of goods and services

-43.9% (2023 est.)

Average household expenditures

on food

12.3% of household expenditures (2023 est.)

on alcohol and tobacco

1.5% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

5.1% (2022 est.)

Inflation rate (consumer prices) 2023

3.6% (2023 est.)

Inflation rate (consumer prices) 2024

2.3% (2024 est.)

Industrial production growth rate

1.1% (2023 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2021

$2.507 trillion (2021 est.)

Real GDP (purchasing power parity) 2022

$2.572 trillion (2022 est.)

Real GDP (purchasing power parity) 2023

$2.607 trillion (2023 est.)

Youth unemployment rate (ages 15-24)

male

6% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

5.9% (2024 est.)

female

5.8% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$423.366 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$420.93 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$418.219 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

31.6% (2023 est.)

services

58.4% (2023 est.)

agriculture

1.6% (2023 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

2.9% (2021 est.)

highest 10%

24.6% (2021 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2021

32.9 (2021 est.)