GDP

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

Last Updated: October 31, 2023
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GDP Summary

“South Korea with a population of had a total GDP value of US dollars (calculated in current US dollars) for the whole of 2022. The GDP per capita is 32418, and the growth rate in 2022 is 2.6%.”

Population

51.709 million

Land Size

97520 km²

GDP

1.67 trillion

GDP Per Capita

32418 USD

Real GDP Growth
Note: Real GDP Growth (%) | Forecast after 2023
GDP Per Capital (Nominal)
Note: Current USD | Forecast after 2023
GDP Per Capita (PPP)
Note: PPP | Forecast after 2023

GDP Structure (Expenditure Approach)

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Private Consumption
48.1%
Government Expneidutre
18.8%
Capital Formation
32.2%
Export
48.3%
Import
48.3%
GDP Growth(By Type)
Note: Real GDP Growth (%) | Forecast after 2023

GDP Structure By Sector

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Agriculture
1.8%
Industry
36.5%
Manufacturing
29%
Service
61.8%
Economic Growth(By Sector)
Note: Real GDP Growth (%) | Forecast after 2023

Economic Development

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...

Unemployment

2.9 %

Inflation

5.1 %

Urbanization

81.4 %

TFR

0.9 人

Unemployment Rate
Unit: %
Inflation Rate
Unit: %

GDP By Regions

Top 5 Regions By Population & Their GDP | Note: USD, current prices, current PPP

South Korea

2321480 million USD

Seoul Capital Area

1224180 million USD

Gyeongnam Region

324108 million USD

Chungcheong Region

289148 million USD

Jeolla Region

207370 million USD

Gyeongbuk Region

195180 million USD

Historical Real GDP Growth Rate
Note: No data for 2019 and 2020 in some regions, denoted with 0%. | Source; Local Statistics Bureau | Unit: %

GDP Growth By GDP

Top 5 Regions By Population & Their GDP Growth in 2020

South Korea

-0.66 %

Seoul Capital Area

0.63 %

Gyeongnam Region

-5.1 %

Chungcheong Region

0.26 %

Jeolla Region

0.33 %

Gyeongbuk Region

-2.38 %

Historical Real GDP Growth By Regions
Note: No data for 2019 and 2020 in some regions, denoted with 0%. | Source; Local Statistics Bureau | Unit: %

GDP Per Capita By Regions

Top 5 Regions By Population & Their GDP Per Capita in 2020 (Measured in PPP, current prices) | Unit: USD

South Korea

44785 USD

Seoul Capital Area

47045 USD

Gyeongnam Region

41367 USD

Chungcheong Region

51198

Jeolla Region

40834 USD

Gyeongbuk Region

38527 USD

Historical GDP Per Capita (PPP) By Regions
Note: No data for 2019 and 2020 in some regions, denoted with 0 USD. | Source; Local Statistics Bureau | Unit: %

GDP Per Capita Growth By Regions

Top 5 Regions By Population & Their GDP Per Capita Growth Rate in 2020 | Unit: %

South Korea

-1.05 %

Seoul Capital Area

0.22 %

Gyeongnam Region

-5.16 %

Chungcheong Region

-1.12 %

Jeolla Region

0.37 %

Gyeongbuk Region

-2.34 %

Historical GDP Per Capita Growth By Regions
Note: No data for 2019 and 2020 in some regions, denoted with 0%. | Source; Local Statistics Bureau | Unit: %