GDP per Capita. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. Latest official GDP figures published by the World Bank. On a nominal basis, the US is ahead of China by $6 trillion in 2021. Korea ranked 14th in the World Bank GDP rankings from 2009-2013 and grew to 13th in 2014 and 11th in 2015-2016 before it fell to 12th in 2017, the data showed. The economic recovery in the first half of 2021 has been driven by consumption growth and merchandise exports. South Korea gdp for 2018 was $1,724.85B, a 6.22% increase from 2017. South Korea gdp per capita for 2019 was $31,846, a 4.72% decline from 2018. The South Korean Ministry of Economy and Finance raised its GDP growth forecast for 2021 from 3.2% y/y to 4.2% y/y in June 2021. South Korea ranks number 28 in the list of countries (and dependencies) by population. The maximum level was 42719 USD and minimum was 12656 USD. Download Historical Data. Absolute annual change in primary energy consumption. Budget > Revenues : Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. South Korea occupies the southern half of the Korean Peninsula, bordering the Sea of Japan in the east and the Yellow Sea in the west. Download Historical Data. attributed to the pandemic in South Korea, and the economy was fore- South Korea's economy has been growing rapidly since the 1980s with no signs of slowing down. April 7 (UPI) --South Korea had the world's 10th largest economy in 2020 and its per capita GDP surpassed Italy's for the first time.South Korea's ministry of economy and finance said Wednesday . The population density in South Korea is 527 per Km 2 (1,366 people per mi 2). South Korea's economic freedom score is 74.6, making its economy the 19th freest in the 2022 Index. Q3 GDP seen +0.6% s/adj q/q, +4.2% y/y - poll. GDP data due at 8 am local Tuesday (2300 GMT Monday) BENGALURU, Oct 22 (Reuters) - South Korea's economic growth likely slowed a bit in the third . Budget surplus > + or deficit > - : This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. GDP per capita PPP (purchasing power parity) in South Korea decreased to 42252 USD in 2020. South Korea economy rankings: GDP - 12, GDP growth 5-year average - 93, GPD per capita - 33, economic freedom index - 29, business freedom index - 4 . Members of the country's small population of ethnic minorities encounter legal and societal discrimination. Children of foreign-born residents suffer from systemic exclusion from the education and medical systems. However, this fails to capture emissions from traded goods - the CO 2 emitted in the production of goods elsewhere, which are later imported (or the opposite: emissions from goods that are exported). Seoul is the world's 4 th largest urban economy. Data. 2030 is only 8 years away, by making very modest assumptions about economic growth it is possible to project forward economic data to 2030. In 2020, South Korea's GDP growth was at -1% - the worst performance since 1998, due to the coronavirus pandemic-related collapse. South Korea gdp per capita for 2020 was $31,489, a 1.12% decline from 2019. Data published Yearly by World Bank. Nominal (current) Gross Domestic Product (GDP) of South Korea is $1,530,750,923,149 (USD) as of 2017.; Real GDP (constant, inflation adjusted) of the Republic of Korea reached $1,345,945,672,417 in 2017.; GDP Growth Rate in 2017 was 3.06%, representing a change of 39,998,148,887 US$ over 2016, when Real GDP was $1,305,947,523,530. The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. This entry last updated on 04/09/2022. South Korea's economy is projected to continue to rank the 10th largest for three straight years in 2022 in terms of nominal gross domestic product (GDP), data from the International Monetary Fund have showed. *Each nation is assessed on individual and collective values processed through our in-house formula to generate its 'PwrIndx' score. South Korea's nominal GDP is even slightly more than that of Canada, and Seoul could rank 9th in the world in light of its actual economic performance. &. Singapore and Switzerland each moved up one spot to . China also switches with the U.S., to become the world's largest economy. From the third quarter, the economy expanded a seasonally adjusted . South Korea returned to first place in the latest Bloomberg Innovation Index, while the U.S. dropped out of a top 10 that features a cluster of European countries.Korea regained the crown from . However, the South Korean economy rebounced in 2021, registering a GDP growth rate of 4.0%, its quickest rate in 11 years, powered by robust semiconductor and auto exports. As Korea's long-established strength in the steel and petrochemical industries has begun to wane in recent years, the country's leaders are looking to more technology-intensive industries to drive growth. Projections by IMF. > $20 trillion. South Korea's nominal GDP is even slightly more than that of Canada, and Seoul could rank 9th in the world in light of its actual . United States. The economy of a country is usually defined by its gross domestic product (GDP). South Korea gdp for 2017 was $1,623.90B, a 8.25% increase from 2016. Below are all indicators in our database for which this country has a value. South Korea gdp for 2020 was $1,630.53B, a 0.98% decline from 2019. When it joined the OECD in 1996, it was already making its mark, having delivered remarkable rates of growth and development. Historical Data (USD) by years. 1.9%. Boston Snow Indicator: A market theory that states that a white Christmas in Boston will result in rising stock prices for the following year. % of GDP 2019 Korea % of GDP: Total % of GDP 2000-2019 Korea (red) Total % of GDP 2020: Government reserves Indicator: 247 759.0 Total SDR millions Q4-2014 Korea SDR millions: Total SDR millions Q1-2010-Q4-2014 Korea (red) Total SDR millions Q4-2014 Korea (red) Tax on corporate profits Indicator: 3.4 Total % of GDP 2020 Korea % of GDP: Total . In other words, the amount of all income generated in the country from the sale of goods and services. World's GDP is $80,934,771,028,340 (nominal, 2017).. See also: GDP per Capita Overview In 2020 South Korea was the number 10 economy in the world in terms of GDP (current US$), the number 5 in total exports, the number 9 in total imports, the number 32 economy in terms of GDP per capita (current US$) and the number 5 most complex economy according to the Economic Complexity Index (ECI). South Korea is a country in Eastern Asia. World Economics has developed a database presenting GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data. South Korea is the 13 most competitive nation in the world out of 140 countries ranked in the 2019 edition of the Global Competitiveness Report published by the World Economic Forum. WORLD NO CHANGE ˜˚˛˝ (SINCE 1995): +2.0 . GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. $750 billion - $1 trillion. Due to unavailable data the following indicators . GDP or gross domestic product is the sum of all goods and services produced in a . Moon took 41 percent of the vote, followed by Hong Jun-pyo of the conservative Liberty Korea Party (LKP) with 24 percent and Ahn . When you account for the nation's domestic market based on the relative cost of local goods, China has the largest GDP in the world. South Korea gdp per capita for 2018 was $33,423, a 5.71% increase from 2017. This spectacular performance was fueled by annual export growth of 20 percent in real . South Korea is forecast to climb up three notches to ninth in global gross domestic product rankings this year, despite its negative growth of 3.3 percent in the second quarter, data showed Monday. In 2021, the gross domestic product (GDP) produced from the manufacturing sector in South Korea amounted to approximately 516.5 trillion South Korean won, being the most valuable sector by far in . As of 2021, the United States and China would occupy the first two places in both methods' gdp ranking.The US and China's margin is coming down in nominal ranking as China's gdp growth rate of 2021 (8.02%) is higher than the US's 5.97%. South Korea 2020 population is estimated at 51,269,185 people at mid year according to UN data. The GDP value of South Korea represents 1.44 percent of the world economy. The government of Korea's policies resulted in real gross domestic product (GDP) growth averaging 5.45% annually between 1988 and 2019. Some values are estimated when offi $10-20 trillion. That 25.7% for exports to overall GDP in PPP for 2021 compares to 22.4% one year earlier. GDP, the broadest measure of an economy's performance, refers to the total value of goods and services produced within the economy in a given period. South Korea ranks No. The . Regular calculations of GDP in different countries help to rank the largest economies in the world. When countries set targets, measure or compare CO 2 emissions, they tend to focus on production-based emissions - CO 2 emitted within a country's own borders. South Korea population is equivalent to 0.66% of the total world population. The GDP of South Korea is $1.6 trillion and this equates to a GDP per capita of $31,363. The first cloned dog in the world, "Snuppy" was created at the Seoul National University in South Korea. $1-5 trillion. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. China has a gross domestic product based on purchasing power parity of USD 27.31 trillion, ranking number 1 among the top 20 largest economies in the world in 2020. 2. 15 overall in the U.S. News Best Countries ranking. WORLD NO CHANGE ˜˚˛˝ (SINCE 1995): +2.0 . South Korea Trade Statistics. South Korea is the 10th largest importer in the world with an increase of $12.6 billion over the most recent five reported years (from $497 billion in 2013 to $509 billion in 2018) South Korea's Top 5 Commodity Exports As such, the IMF warned South Korea to closely monitor government spending . South Korea's nominal GDP is even slightly more than that of Canada, and Seoul could rank 9th in the world in light of its actual . (2016) It has since gone on to become a world leader in many fields, including in education, technology, and sustainability. South Korea's GDP. Population figures based on United Nations data. South Korea gdp per capita for 2017 was $31,617, a 7.95% increase from 2016. Gross domestic product 2020 (millions of Ranking Economy US dollars) USA 1 United States 20,936,600 CHN 2 China 14,722,731 JPN 3 Japan 5,064,873 DEU 4 Germany 3,806,060 GBR 5 United Kingdom 2,707,744 IND 6 India 2,622,984 South Korea. In macroeconomic terms, South Korea's total exported goods represent 25.7% of its overall Gross Domestic Product for 2021 ($2.503 trillion valued in Purchasing Power Parity US dollars). Economic Overview For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.. Korea's national debt reached 1,985 trillion won ($1.78 trillion), surpassing its annual gross domestic product for the first time ever. South Korea's nominal GDP is expected to amount to $1.82 trillion and $1.91 trillion for this year and next year, respectively, Yonhap . : compare key data on. It measures the market value of all the final goods and services produced annually. Government of Korea policies resulted in real GDP growth averaging 10 percent annually between 1962 and 1994. Latest official GDP figures published by the World Bank. Sources: Wikipedia, CIA World Factbook, 2022. A falling birth rate and a projected shortfall in the number of domestic applicants, combined with a desire to foster strong international ties, are behind the government's efforts. Korea's Gross Domestic Product (GDP) in 2020 was $1.63 trillion, ranking 12th in the world and third in East Asia (IMF estimates). attributed to the pandemic in South Korea, and the economy was fore- If you're considering studying in South Korea, these are the best universities, according to the Times Higher Education World University Rankings 2022. World's GDP is $80,934,771,028,340 (nominal, 2017).. See also: GDP per Capita South Korea is one of the most highly regarded countries in the world when it comes to sustained growth and development. South Korea gdp for 2019 was $1,646.74B, a 4.53% decline from 2018. PPP takes into account the relative cost of living, rather than using only exchange rates . For 2022, South Korea is ranked 6 of 142 out of the countries considered for the annual GFP review.It holds a PwrIndx* score of 0.1261 (a score of 0.0000 is considered 'perfect'). South Korea's economy continues to maintain its ranking among the . The Bank of Korea has forecast GDP growth in 2021 at around 4%. This strong performance was fueled by annual export growth averaging 9.27% in the same period. To reflect the differences in the cost of living and inflation rates, we show the GDP at purchasing power parity (PPP). Currently, South Korea is one of the highly developed democracies having the highest rank regarding freedom of press in the whole of Asia. For example, in Christmas of 1995, Boston received . Market value of all final goods and services from a nation in a given year. Growth moderated to about 4-5% annually between 2003 and 2007. (2019) Absolute number of deaths from ambient particulate air pollution. Competitiveness Rank in South Korea averaged 19.46 from 2007 until 2019, reaching an all time high of 26 in 2015 and a record low of 11 in 2008. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. The statistic shows gross domestic product (GDP) of South Korea from 1986 to 2020, with projections up until 2026. With most of the country covered by mountains, a majority of its population . ; GDP per Capita in the Republic of Korea (with a population of . The world's largest economies The economic strength of a country is determined by its gross domestic product (GDP). Bloomberg, which compiles the index based on data from sources including the World Bank, IMF and OECD, credits South Korea's top ranking to Samsung . The Asian nation has now topped the index for seven of the nine years that it's been published. South Korea is ranked 5th among 39 countries in the Asia-Pacific region, and its overall . Economic Rankings; Name Year Place Out of # Reference OECD - Net take-home pay, single with no child: 2013 & 3 & 34 OECD - Net take-home pay, married with 2 children: 2013 & 8 & 34 ILO - Average monthly earnings: 2009 & 10 & 72 Gallup - Median household income: 2013 & 8 & 131 Gallup - Median per-capita income: 2013 & 15 & 131 World Bank - Ease of Doing Business Index (2015) Acute care beds per 1,000 people. Indeed, the export-oriented policies of South Korea are one of the most important factors of its success: South Korea is now one of the top 10 exporters in the world, and its exports as a percentage of GDP increased from 25.9 percent in 1995 to 56.3 percent in 2012. The Republic of Korea has achieved remarkable success in combining rapid economic growth with significant poverty reduction. South Korea. In 2020, South Korea's GDP growth was at -1% - the worst performance since 1998, due to the coronavirus pandemic-related collapse. South Korea's economy also placed 10th in the world in 2018. Korea, Rep. Korea's stellar rise as one of the most advanced economies in the world today is a story of resilience, adaptability and creativity. World Economics estimates South Africa's GDP to be $1.037 trillion - 31% larger . During his regime, from 1961 to 1979, South Korea achieved rapid economic growth, with per capita income rising to roughly 17 times the level of North Korea. After adjusting for PPP, the United States, Japan, Germany, France, Italy, South Korea, Spain, and the U.K. all slip from their previous positions. Gross Domestic Product (GDP) per capita shows a country's GDP divided by its total population. However, the South Korean economy rebounced in 2021, registering a GDP growth rate of 4.0%, its quickest rate in 11 years, powered by robust semiconductor and auto exports. The index on innovative countries highlights South Korea's position as the economy whose companies filed the most patents in 2017. With a GDP of 21.0 trillion USD, the USA is by far the world's largest economy in this ranking for 2020. Executive elections in South Korea are largely free and fair. In each of the last five decades, the average annual rate of growth has exceeded 5% and the economy is now an innovation-driven, high-income country of just under 49 million people with a total GDP in excess of $1 trillion . After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century's most remarkable economic success stories, becoming a developed . Today, S. Korea boasts the 12th largest GDP in the world at more than $1.6 trillion in 2019. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor . Explore photos, statistics and additional rankings of South Korea. South Korea held its first free presidential election under a revised democratic constitution in 1987, with former ROK Army general ROH Tae-woo winning a close race. For countries by GDP based on purchasing power parity, see List of countries by GDP (PPP). South Korea lacks a comprehensive antidiscrimination law. Click the charts or button below to see more charts showing the world economy of today and how it could look in 2030. Last year, the United States topped others with $20.494 trillion in the GDP rankings, followed by China with $13.608 trillion, Japan with $4.971 trillion and Germany with $3.997 trillion . Population figures based on United Nations data. South Korea's economy also placed 10th in the world in 2018. South Korea's economy continues to maintain its ranking among the . Today, South Korea is one of East Asia's most affluent countries, with an economy ranking just behind Japan and China. For example, South Korea's Exports rank is higher than 95.19% of the countries in the dataset. The Gross Domestic Product (GDP) reflects the value and productivity of an economy. The table below lists countries in the world ranked by GDP at Purchasing Power Parity (PPP) per capita, along with the Nominal GDP per capita. Economy Stats. $500-750 billion. This page provides the latest reported value for - South Korea . Korea's Gross Domestic Product (GDP) in 2019 was $1.64 trillion, ranking 12 th in the world and third in East Asia (IMF estimates). $5-10 trillion. That exceeded expectations for an increase of 0.6 percent following the 1.2 percent expansion in the previous three months. As of December 2018. GDP in South Korea averaged 500.07 USD Billion from 1960 until 2020, reaching an all time high of 1724.85 USD Billion in 2018 and a record low of 2.42 USD Billion in 1961. 3 Countries by nominal GDP in 2019. In 2004, South Korea's GDP surpassed one trillion dollars. This is the total market value of all goods and services produced in a country over a certain period, usually a year. In 1996, the country joined the OECD and in 2006 it joined the development assistance committee of OECD. There are approximately 32,000 North Korean defectors living in South Korea. Ranking 10th among the world's largest economic powers and 4th in Asia in 2022, South Korea is famous for its spectacular rise from one of the poorest countries in the . The southern edge of South Korea rests on the Korea Strait and the East China Sea. Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low . It is located both in the Northern and Eastern hemispheres of the Earth. GDP of South Korea in nominal and ppp terms. The offical estimate for South Africa's GDP was $790 billion at the end of 2021 in puchasing power partity terms. Republic of Korea At-A-Glance. South Korea is also a member of the Paris Club and . With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.2% in 2009. The Gross Domestic Product (GDP) in South Korea was worth 1630.53 billion US dollars in 2020, according to official data from the World Bank. Moon Jae-in of the DP, also known as the Minjoo Party, won a 2017 snap presidential election following the impeachment of former president Park Geun-hye. Estimates by world bank since 1960 in nominal terms and since 1990 in ppp terms at current and constant prices. South Korea GDP Climbs 0.7% On Quarter In Q1. 3. On the flipside, it is often the more developed economies with strong currencies that see a drop in their rankings. Tuesday's data from the Bank of Korea showed gross domestic product (GDP) expanded 4.0% in 2021, as demand for exports soared. Korea has experienced remarkable success in combining rapid economic growth with significant reductions in poverty. South Korea's gross domestic product was up a seasonally adjusted 0.7 percent on quarter in the first three months of 2022, the Bank of Korea said in Tuesday's advance estimate. 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