Download Korea, South

Korea, South
Introduction
Key Economic Facts
South Korea is a country in Eastern Asia occupying the
southern half of the Korean Peninsula. It borders the Sea of
Japan, the Yellow Sea, and North Korea. South Korea's
terrain is mostly mountainous. The
government system is a republic; the chief
of state is the president, and the head of
government is the prime minister. South
Korea has a mixed economic system
which includes a variety of private freedom, combined with
centralized economic planning and government regulation.
South Korea is a member of the Asia-Pacific Economic
Cooperation (APEC) and the
Asia-Pacific Trade Agreement
(APTA).
Income Level (by per capita
GNI):
Level of Development:
GDP, PPP (current international
$):
GDP growth (annual %):
GDP per capita, PPP (current
international $):
Manufacturing, value added (%
of GDP):
Current account balance (BoP,
current US$):
Inflation, consumer prices
(annual %):
Labor force, total:
Unemployment, total (% of
total labor force) (modeled ILO
estimate):
Imports of goods and services
(current US$):
Exports of goods and services
(current US$):
Location:
Capital City:
Chief of State:
Head of Govt.:
Currency:
Major Languages:
Eastern Asia
Seoul (+9 GMT)
President Moon Jae-in
Prime Minister Lee Nak-yeon
South Korean won (KRW)
Korean, English (widely taught in
junior high and high school)
Primary Religions: Christian 31.6% (Protestant 24%,
Roman Catholic 7.6%), Buddhist
24.2%, other or unknown 0.9%, none
43.3% (2010 survey)
Calling Code: 82
Voltage: 220
Key Websites
Main Government Page:
Commerce Ministry:
Export Promotion Agency:
Investment Promotion
Agency:
english.president.go.kr
mofat.go.kr
kotra.or.kr
investkorea.org
Risk Assessment (Provided by Coface)
High Income
Developed
$1,753.73 billion (2015)
2.61% (2015)
$34,647.07 (2015)
29.49% (2015)
$105.94 billion (2015)
0.97% (2016)
26,661,449 (2016)
3.65% (2016)
$536.57 billion (2015)
$632.46 billion (2015)
GDP Composition %
Agriculture
Industry
Manufacturing
38
29
Services
60
2
*Although Manufacturing is included in the Industry figures, it is also separately
reported because it plays a critical role in economy.
Rankings
Index
Corruption Perceptions Index
EY Globalization Index
Global Competitiveness Index
Global Enabling Trade Index
Global Manufacturing Competitiveness Index
(GMCI)
Index of Economic Freedom
International Logistics Performance Index (LPI)
Inward FDI Potential Index
KOF Index of Globalization
Networked Readiness Index (NRI)
Open Budget Index
Rank
52 / 176
33 / 60
26 / 138
27 / 136
5 / 40
23 / 180
24 / 160
19 / 139
60 / 187
13 / 139
18 / 102
Country rating: A3 - Changes in generally good but
somewhat volatile political and economic environment can
affect corporate payment behavior. A basically secure
business environment can nonetheless give rise to
occasional difficulties for companies. Corporate default
probability is quite acceptable on average.
Business Climate rating: A2 - The business environment
is good. When available, corporate financial information is
reliable. Debt collection is reasonably efficient. Institutions
generally perform efficiently. Intercompany transactions
usually run smoothly in the relatively stable environment
rated A2.
Strengths
• Diversified industrial base
• Leader in high-quality electronics
• Excellent education system
• High level of public R&D spending
• Growing Korean investments in China, Vietnam and
India
• Healthy public finances
Weaknesses
• Steel, textile and naval industry affected by Chinese
competition
• High volume of commodities imports
• High level of indebtedness of households and small
companies
• Aging population
• Unpredictability of the North Korean regime
U.S. Embassy
188 Sejong-daero, Jongno-gu
Seoul 110-710
Republic of Korea
Tel: 82-2-397-4114
http://seoul.usembassy.gov/
Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV