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Korea, South Economy 1996

Overview:

The driving force behind the economy's dynamic growth has been the planned development of an export-oriented economy in a vigorously entrepreneurial society. Real GDP increased more than 10% annually between 1986 and 1991. This growth ultimately led to an overheated situation characterized by a tight labor market, strong inflationary pressures, and a rapidly rising current account deficit. As a result, in 1992, economic policy focused on slowing the growth rate of inflation and reducing the deficit. Annual growth slowed to 5%, still above the rate in most other countries of the world, and recovered to 6.3% in 1993. The economy expanded by 8.3% in 1994, driven by booming exports.

National product:

GDP - purchasing power parity - $508.3 billion (1994 est.)

National product real growth rate:

8.3% (1994)

National product per capita:

$11,270 (1994 est.)

Inflation rate (consumer prices):

5.6% (1994)

Unemployment rate:

2% (November 1994)

Budget:

revenues:

$63 billion

expenditures:

$63 billion, including capital expenditures of $NA (1995 est.)

Exports:

$96.2 billion (f.o.b., 1994)

commodities:

electronic and electrical equipment, machinery, steel, automobiles, ships, textiles, clothing, footwear, fish

partners:

US 26%, Japan 17%, EU 14%

Imports:

$102.3 billion (c.i.f., 1994)

commodities:

machinery, electronics and electronic equipment, oil, steel, transport equipment, textiles, organic chemicals, grains

partners:

Japan 26%, US 24%, EU 15%

External debt:

$44.1 billion (1993)

Industrial production:

growth rate 12.1% (1994 est.); accounts for about 45% of GNP

Electricity:

capacity:

26,940,000 kW

production:

137 billion kWh

consumption per capita:

2,847 kWh (1993)

Industries:

electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing

Agriculture:

accounts for 8% of GDP and employs 21% of work force (including fishing and forestry); principal crops - rice, root crops, barley, vegetables, fruit; livestock and livestock products - cattle, hogs, chickens, milk, eggs; self-sufficient in food, except for wheat; fish catch of 2.9 million metric tons, seventh-largest in world

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $3.9 billion; non-US countries (1970-89), $3 billion

Currency:

1 South Korean won (W) = 100 chun (theoretical)

Exchange rates:

South Korean won (W) per US$1 - 790.48 (January 1995), 803.44 (1994), 802.67 (1993), 780.65 (1992), 733.35 (1991), 707.76 (1990)

Fiscal year:

calendar year

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