GDP of South Korea in 2023 - Expenditure Approach, Sector Output, and Regional GDP

South Korea is a very export-oriented economy. Exports account for about 50% of total GDP in 2022. While comparing with other export-oriented economies like Taiwan, it is only two-thirds of the shares, it is however much higher than Japan, which is only 20%. The economic complexity, measuring a country’s sophistication with their export structure, ranks fifth in the world, showing the resilience of its export economy to a certain extent. South Korea has also felt pressure in recent years as China’s industrial strength has gradually strengthened. Even in its most powerful memory market, rivals with sufficient R&D and manufacturing capabilities have emerged in China. South Korea’s GDP growth in 2022 is about 2.6%. However, factors such as the global recession (generally estimated that global demand will drop sharply in 2023), China’s growth stagnation, and the e...