South Korea ranked 12/197 by economy size with a GDP of $1.88T and 31/197 by GDP per capita at $36,239. South Korea has $934B in government debt, with a debt-to-GDP ratio of 49.8%.
In 2024, South Korea made up 1.69% of the world's economy, compared to 0.29% in 1960.
South Korea GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $1,875,388,209,407 | 2% |
| 2023 | $1,844,800,934,392 | 1.58% |
| 2022 | $1,799,363,116,867 | 2.73% |
| 2021 | $1,942,313,560,966 | 4.61% |
| 2020 | $1,744,070,276,373 | -0.7% |
| 2019 | $1,751,045,752,055 | 2.31% |
| 2018 | $1,824,251,454,307 | 3.18% |
| 2017 | $1,710,196,756,713 | 3.43% |
| 2016 | $1,579,150,518,945 | 3.17% |
| 2015 | $1,539,212,301,136 | 2.92% |
| 2014 | $1,556,252,422,020 | 3.21% |
| 2013 | $1,434,669,686,502 | 3.29% |
| 2012 | $1,335,343,586,438 | 2.55% |
| 2011 | $1,307,103,477,219 | 3.69% |
| 2010 | $1,192,830,015,738 | 6.98% |
| 2009 | $983,065,242,417 | 0.82% |
| 2008 | $1,091,580,692,542 | 3% |
| 2007 | $1,220,911,904,593 | 5.84% |
| 2006 | $1,095,175,538,508 | 5.25% |
| 2005 | $971,740,329,984 | 4.36% |
| 2004 | $823,251,107,639 | 5.18% |
| 2003 | $728,516,494,684 | 3.07% |
| 2002 | $650,014,391,470 | 7.74% |
| 2001 | $567,564,806,235 | 4.73% |
| 2000 | $597,487,173,479 | 9.2% |
| 1999 | $515,697,079,289 | 11.6% |
| 1998 | $397,297,216,492 | -4.94% |
| 1997 | $589,202,526,424 | 6.28% |
| 1996 | $631,196,863,758 | 7.99% |
| 1995 | $586,286,469,401 | 9.74% |
| 1994 | $479,181,794,217 | 9.37% |
| 1993 | $405,705,302,846 | 6.99% |
| 1992 | $366,921,291,825 | 6.35% |
| 1991 | $340,851,946,804 | 10.9% |
| 1990 | $292,064,221,389 | 10% |
| 1989 | $254,236,243,100 | 7.17% |
| 1988 | $205,477,530,605 | 12.1% |
| 1987 | $152,240,393,646 | 12.9% |
| 1986 | $119,965,960,795 | 11.5% |
| 1985 | $103,764,281,281 | 7.94% |
| 1984 | $99,749,645,089 | 10.6% |
| 1983 | $89,621,208,322 | 13.5% |
| 1982 | $79,921,300,447 | 8.47% |
| 1981 | $74,287,368,087 | 7.4% |
| 1980 | $66,547,970,351 | -1.52% |
| 1979 | $68,083,884,298 | 8.74% |
| 1978 | $52,824,793,388 | 11.1% |
| 1977 | $39,064,462,810 | 12.4% |
| 1976 | $30,371,074,380 | 13.3% |
| 1975 | $22,126,033,058 | 7.93% |
| 1974 | $19,860,929,977 | 9.65% |
| 1973 | $14,067,523,813 | 15% |
| 1972 | $10,990,490,570 | 7.34% |
| 1971 | $10,005,257,131 | 10.7% |
| 1970 | $9,085,001,794 | 10.2% |
| 1969 | $7,743,940,189 | 14.6% |
| 1968 | $6,167,109,472 | 13.2% |
| 1967 | $4,895,076,718 | 9.15% |
| 1966 | $3,957,064,541 | 12% |
| 1965 | $3,141,131,708 | 7.31% |
| 1964 | $3,476,789,682 | 9.43% |
| 1963 | $4,007,692,308 | 9.01% |
| 1962 | $2,826,923,077 | 3.92% |
| 1961 | $2,427,244,761 | 6.92% |
| 1960 | $3,973,069,307 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/south-korea | CC BY 
South Korea GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $36,239 | $61,051 |
| 2023 | $35,674 | $57,430 |
| 2022 | $34,822 | $55,509 |
| 2021 | $37,518 | $51,718 |
| 2020 | $33,646 | $47,881 |
| 2019 | $33,827 | $46,511 |
| 2018 | $35,364 | $45,511 |
| 2017 | $33,297 | $43,156 |
| 2016 | $30,832 | $41,673 |
| 2015 | $30,172 | $39,794 |
| 2014 | $30,667 | $37,032 |
| 2013 | $28,449 | $35,844 |
| 2012 | $26,601 | $35,062 |
| 2011 | $26,175 | $33,944 |
| 2010 | $24,071 | $33,120 |
| 2009 | $19,937 | $30,740 |
| 2008 | $22,252 | $31,211 |
| 2007 | $25,078 | $30,255 |
| 2006 | $22,610 | $27,972 |
| 2005 | $20,167 | $26,179 |
| 2004 | $17,122 | $24,658 |
| 2003 | $15,212 | $22,920 |
| 2002 | $13,643 | $22,173 |
| 2001 | $11,981 | $20,442 |
| 2000 | $12,710 | $19,237 |
| 1999 | $11,063 | $17,421 |
| 1998 | $8,583 | $15,500 |
| 1997 | $12,822 | $16,241 |
| 1996 | $13,865 | $15,164 |
| 1995 | $13,002 | $13,921 |
| 1994 | $10,734 | $12,551 |
| 1993 | $9,180 | $11,349 |
| 1992 | $8,387 | $10,468 |
| 1991 | $7,873 | $9,724 |
| 1990 | $6,813 | $8,567 |
| 1989 | $5,989 | - |
| 1988 | $4,889 | - |
| 1987 | $3,658 | - |
| 1986 | $2,911 | - |
| 1985 | $2,543 | - |
| 1984 | $2,469 | - |
| 1983 | $2,246 | - |
| 1982 | $2,032 | - |
| 1981 | $1,918 | - |
| 1980 | $1,746 | - |
| 1979 | $1,814 | - |
| 1978 | $1,429 | - |
| 1977 | $1,073 | - |
| 1976 | $847 | - |
| 1975 | $627 | - |
| 1974 | $572 | - |
| 1973 | $412 | - |
| 1972 | $328 | - |
| 1971 | $304 | - |
| 1970 | $281.8 | - |
| 1969 | $245.5 | - |
| 1968 | $200 | - |
| 1967 | $162.5 | - |
| 1966 | $134.4 | - |
| 1965 | $109.4 | - |
| 1964 | $124.2 | - |
| 1963 | $147 | - |
| 1962 | $106.6 | - |
| 1961 | $94.2 | - |
| 1960 | $158.8 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/south-korea | CC BY
South Korea has a GDP per capita of $36,239, ranking 31/197, a GDP per capita based on purchasing power parity (PPP) of $61,051, ranking 33/197, and a median annual after tax income of $27,215, ranking 30/197.
South Korea GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 12 | 28 | 29 |
| 2023 | 12 | 32 | 30 |
| 2022 | 12 | 34 | 30 |
| 2021 | 10 | 30 | 27 |
| 2020 | 9 | 29 | 27 |
| 2019 | 10 | 29 | 30 |
| 2018 | 10 | 29 | 29 |
| 2017 | 10 | 29 | 30 |
| 2016 | 10 | 30 | 29 |
| 2015 | 11 | 32 | 31 |
| 2014 | 12 | 32 | 33 |
| 2013 | 13 | 33 | 34 |
| 2012 | 13 | 35 | 33 |
| 2011 | 14 | 35 | 33 |
| 2010 | 13 | 35 | 34 |
| 2009 | 13 | 40 | 37 |
| 2008 | 14 | 43 | 34 |
| 2007 | 12 | 35 | 36 |
| 2006 | 11 | 34 | 38 |
| 2005 | 10 | 34 | 36 |
| 2004 | 10 | 35 | 39 |
| 2003 | 11 | 36 | 40 |
| 2002 | 11 | 36 | 38 |
| 2001 | 11 | 37 | 38 |
| 2000 | 12 | 36 | 40 |
| 1999 | 12 | 41 | 41 |
| 1998 | 15 | 44 | 42 |
| 1997 | 11 | 35 | 38 |
| 1996 | 10 | 31 | 37 |
| 1995 | 11 | 32 | 40 |
| 1994 | 12 | 35 | 43 |
| 1993 | 12 | 37 | 44 |
| 1992 | 11 | 38 | 45 |
| 1991 | 12 | 38 | 46 |
| 1990 | 15 | 44 | 53 |
| 1989 | 15 | 40 | - |
| 1988 | 17 | 45 | - |
| 1987 | 16 | 47 | - |
| 1986 | 19 | 54 | - |
| 1985 | 19 | 57 | - |
| 1984 | 20 | 57 | - |
| 1983 | 22 | 57 | - |
| 1982 | 24 | 65 | - |
| 1981 | 24 | 66 | - |
| 1980 | 26 | 71 | - |
| 1979 | 24 | 62 | - |
| 1978 | 24 | 64 | - |
| 1977 | 27 | 68 | - |
| 1976 | 31 | 70 | - |
| 1975 | 31 | 82 | - |
| 1974 | 31 | 83 | - |
| 1973 | 33 | 88 | - |
| 1972 | 32 | 90 | - |
| 1971 | 30 | 87 | - |
| 1970 | 32 | 87 | - |
| 1969 | 33 | 79 | - |
| 1968 | 34 | 82 | - |
| 1967 | 40 | 90 | - |
| 1966 | 42 | 95 | - |
| 1965 | 42 | 99 | - |
| 1964 | 41 | 91 | - |
| 1963 | 38 | 81 | - |
| 1962 | 42 | 93 | - |
| 1961 | 43 | 93 | - |
| 1960 | 35 | 71 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/south-korea | CC BY
Compared with 2000, in 2024 South Korea is ranked 12th out of 182 by GDP (unchanged), 28th by GDP per capita (up from 36th), and 29th by GDP per capita PPP (up from 40th).
Economic indicators
South Korea
|
Rank | |
|---|---|---|
| Gross domestic product |
$1.88T
2024 |
12/197 |
| GDP growth |
2%
2023-2024 |
135/194 |
| GDP per capita |
$36,239
2024 |
31/197 |
| GDP per capita, PPP |
$61,051
2024 |
33/197 |
| Government debt |
$934B
2024 |
14/185 |
| Debt-to-GDP ratio |
49.8%
2024 |
110/185 |
| Government debt per person |
$18,052
2024 |
33/185 |
| Average annual personal income after taxes |
$27,215
2026 |
30/197 |
| Listed domestic companies |
2,599
2024 |
6/103 |
| Market capitalization of domestic companies |
$1.56T
2024 |
12/100 |
| Number of millionaires |
1,301,000
2025 |
10/35 |
| Millionaire frequency |
1 in 34
2025 |
17/35 |
| Number of billionaires |
30
2025 |
21/78 |
| Billionaire frequency |
1 in 1,465,945
2025 |
39/78 |
| Income share by richest 10% |
24.6%
2021 |
128/169 |
| Income share by poorest 10% |
2.9%
2021 |
77/169 |
| Government expenditure, % of GDP |
22.5%
2024 |
137/195 |
| Consumer prices inflation |
2.32%
2023-2024 |
129/195 |
| Central bank interest rate |
2.5%
2025 |
90/106 |
| Unemployment rate |
2.78%
2024 |
158/196 |
| Population |
51649918
|
29/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2024 | 22.5% | 49.8% | -0.78% |
| 2023 | 23.1% | 50.5% | -0.67% |
| 2022 | 26.7% | 49.8% | -1.49% |
| 2021 | 24.1% | 48% | -0.02% |
| 2020 | 23.7% | 45.9% | -2.11% |
| 2019 | 21.3% | 39.7% | 0.35% |
| 2018 | 19.3% | 37.9% | 2.42% |
| 2017 | 18.6% | 38% | 2.08% |
| 2016 | 18.5% | 39.1% | 1.56% |
| 2015 | 18.8% | 38.8% | 0.5% |
| 2014 | 18.8% | 37.9% | 0.57% |
| 2013 | 19% | 36% | 0.79% |
| 2012 | 18.8% | 33.5% | 1.63% |
| 2011 | 18.3% | 31.7% | 1.72% |
| 2010 | 17.9% | 28.3% | 1.61% |
| 2009 | 19.5% | 28.8% | 0.24% |
| 2008 | 19.1% | 25.9% | 1.58% |
| 2007 | 18.8% | 26.3% | 2.49% |
| 2006 | 18.7% | 27% | 1.18% |
| 2005 | 18.2% | 24.9% | 0.95% |
| 2004 | 18.5% | 21.6% | 0.09% |
| 2003 | 17.9% | 19.1% | 1.51% |
| 2002 | 15.9% | 16.4% | 3.23% |
| 2001 | 16.9% | 16.6% | 2.42% |
| 2000 | 16% | 16.1% | 3.91% |
| 1999 | 16.1% | 15.8% | 1.15% |
| 1998 | 16% | 13.8% | 1.09% |
| 1997 | 13.9% | 9.69% | 2.31% |
| 1996 | 14% | 7.81% | 2.3% |
| 1995 | 13.5% | 8.48% | 2.16% |
| 1994 | 15.4% | 9.63% | 2.06% |
| 1993 | 15.1% | 10.9% | 3.21% |
| 1992 | 15.5% | 11.6% | 2.42% |
| 1991 | 15.4% | 11.9% | 1.94% |
| 1990 | 15.2% | 12.8% | 2.98% |
| 1989 | 15% | 12.4% | 2.27% |
| 1988 | 13.9% | 12.7% | 2.85% |
| 1987 | 14.3% | 15.3% | 1.7% |
| 1986 | 14.9% | 14.5% | 0.8% |
| 1985 | 15.5% | 16.2% | 0.47% |
| 1984 | 15.6% | 16.9% | 0.78% |
| 1983 | 16% | 19.3% | 1.05% |
| 1982 | 17.8% | 20.5% | -0.41% |
| 1981 | 16.3% | 18.8% | 0.99% |
| 1980 | 16.8% | 18.6% | 0.46% |
| 1979 | 16.3% | 15.7% | 0.47% |
| 1978 | 15.7% | 18.4% | -0.27% |
| 1977 | 17.7% | 20.1% | -1.81% |
| 1976 | 17% | 20.4% | -0.87% |
| 1975 | 18.8% | 21.5% | -3.68% |
| 1974 | 16.1% | 18.6% | -2.78% |
| 1973 | 14.2% | 17.9% | -1.72% |
| 1972 | 18.5% | 18.3% | -4.33% |
| 1971 | 18.5% | 14.5% | -1.3% |
| 1970 | 17.5% | 6.95% | -0.52% |
| 1969 | 19.8% | 2.63% | -2.85% |
| 1968 | 18.5% | 2.76% | -2.36% |
| 1967 | 16.7% | 3.74% | -2.87% |
| 1966 | 16% | 4.44% | -4.27% |
| 1965 | 13.1% | 6.14% | -3.43% |
| 1964 | 12.1% | 6.57% | -4.1% |
| 1963 | 15.4% | 9.21% | -4.32% |
| 1962 | 22.3% | 13% | -7.82% |
| 1961 | 21.2% | 13.4% | -9.48% |
| 1960 | 17.9% | 13.7% | -5.18% |
| 1959 | 18.4% | 15.3% | -6.52% |
| 1958 | 19.6% | 16.9% | -10% |
| 1957 | 18.2% | - | -10.1% |
| 1956 | 22.1% | - | -10.8% |
| 1955 | 21.5% | - | -10.6% |
| 1954 | 20.8% | - | -10.3% |
| 1953 | 14.5% | - | -4.14% |
Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1953–1994, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).
GeoRank.org/economy/south-korea | CC BY
This chart shows South Korea's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 50 years, South Korea recorded a fiscal deficit in 10 of them, with an average annual surplus equal to 1.04% of GDP. In 2024, government spending reached $423B (22.5% of GDP), with a deficit of 0.78%.
The national debt reached $934B, ranking 14th out of 185 countries by total size, with a debt-to-GDP ratio of 49.8%, ranking 110th.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 2.32% |
| 2023 | 3.6% |
| 2022 | 5.09% |
| 2021 | 2.5% |
| 2020 | 0.54% |
| 2019 | 0.38% |
| 2018 | 1.48% |
| 2017 | 1.94% |
| 2016 | 0.97% |
| 2015 | 0.71% |
| 2014 | 1.27% |
| 2013 | 1.3% |
| 2012 | 2.19% |
| 2011 | 4.03% |
| 2010 | 2.94% |
| 2009 | 2.76% |
| 2008 | 4.67% |
| 2007 | 2.53% |
| 2006 | 2.24% |
| 2005 | 2.75% |
| 2004 | 3.59% |
| 2003 | 3.51% |
| 2002 | 2.76% |
| 2001 | 4.07% |
| 2000 | 2.26% |
| 1999 | 0.81% |
| 1998 | 7.51% |
| 1997 | 4.44% |
| 1996 | 4.92% |
| 1995 | 4.48% |
| 1994 | 6.27% |
| 1993 | 4.8% |
| 1992 | 6.21% |
| 1991 | 9.33% |
| 1990 | 8.57% |
| 1989 | 5.7% |
| 1988 | 7.15% |
| 1987 | 3.05% |
| 1986 | 2.75% |
| 1985 | 2.46% |
| 1984 | 2.27% |
| 1983 | 3.42% |
| 1982 | 7.19% |
| 1981 | 21.4% |
| 1980 | 28.7% |
| 1979 | 18.3% |
| 1978 | 14.5% |
| 1977 | 10.1% |
| 1976 | 15.3% |
| 1975 | 25.2% |
| 1974 | 24.3% |
| 1973 | 3.22% |
| 1972 | 11.7% |
| 1971 | 13.5% |
| 1970 | 16% |
| 1969 | 12.4% |
| 1968 | 10.8% |
| 1967 | 10.9% |
| 1966 | 11.3% |
| 1965 | 13.5% |
| 1964 | 29.5% |
| 1963 | 20.7% |
| 1962 | 6.62% |
| 1961 | 8.2% |
| 1960 | 7.97% |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/south-korea | CC BY
Over the past 20 years, South Korea has had an average annual inflation rate of 2.31%. In 2024, inflation was 2.32%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
South Korea
|
Rank | |
|---|---|---|
|
Current account balance
|
$99B
2024 |
7/190 |
| Current account balance, % of GDP |
+5.28%
2024 |
31/190 |
| Goods imports |
$596B
2024 |
10/189 |
| Goods exports |
$696B
2024 |
4/189 |
| Service imports |
$163B
2024 |
13/189 |
| Service exports |
$139B
2024 |
18/189 |
| Imports of goods and services, % of GDP |
40.3%
2024 |
98/181 |
| Exports of goods and services, % of GDP |
44.4%
2024 |
63/193 |
South Korea top 10 trading partners
South Korea's biggest trading partner accounting for 23.8% of all exports and imports is China, with a trade balance between the two of -$3.11B: S. Korea exports $156B worth of goods and services to China and imports $160B.
Below is the list of the top 10 trade partners of South Korea.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
China
|
$316B | 23.8% | $156B | $160B | Machinery & equipment | Machinery & equipment |
| 2 |
United States
|
$258B | 19.4% | $155B | $103B | Machinery & equipment | Machinery & equipment |
| 3 |
Japan
|
$92.8B | 7% | $37.7B | $55B | Raw materials & minerals | Machinery & equipment |
| 4 |
Vietnam
|
$86.8B | 6.54% | $58.3B | $28.4B | Machinery & equipment | Machinery & equipment |
| 5 |
Australia
|
$45.5B | 3.43% | $15.6B | $30B | Raw materials & minerals | Raw materials & minerals |
| 6 |
Saudi Arabia
|
$36.7B | 2.77% | $5.24B | $31.5B | Machinery & equipment | Raw materials & minerals |
| 7 |
Germany
|
$31.3B | 2.36% | $9.04B | $22.3B | Machinery & equipment | Machinery & equipment |
| 8 |
Singapore
|
$28.8B | 2.17% | $18.2B | $10.6B | Machinery & equipment | Machinery & equipment |
| 9 |
India
|
$25.1B | 1.89% | $18.7B | $6.43B | Machinery & equipment | Raw materials & minerals |
| 10 |
Malaysia
|
$24.4B | 1.84% | $10.4B | $14B | Machinery & equipment | Machinery & equipment |
Top 10 exports
|
South Korea
|
Rank | |
|---|---|---|
| Machinery & equipment | $429B | 4/193 |
| Chemicals & pharma | $88.9B | 10/193 |
| Raw materials & minerals | $72.6B | 19/193 |
| Metals | $50B | 7/192 |
| Transport & tourism services | $48.9B | 17/188 |
| Business & finance services | $37.7B | 16/188 |
| Textiles & consumer goods | $18.3B | 20/193 |
| IT & IP services | $17.1B | 16/183 |
| Manufacturing & construction services | $12B | 7/164 |
| Processed food, beverages & tobacco | $8.77B | 29/192 |
Top 10 imports
|
South Korea
|
Rank | |
|---|---|---|
| Machinery & equipment | $241B | 9/193 |
| Raw materials & minerals | $200B | 5/193 |
| Transport & tourism services | $61.8B | 11/188 |
| Chemicals & pharma | $52.2B | 16/193 |
| Business & finance services | $47.7B | 13/188 |
| Metals | $43.2B | 8/193 |
| Textiles & consumer goods | $38.5B | 12/193 |
| IT & IP services | $18.3B | 15/182 |
| Processed food, beverages & tobacco | $15.7B | 14/193 |
| Manufacturing & construction services | $13.5B | 3/163 |
Economic freedom indices
|
South Korea
|
Rank | |
|---|---|---|
| Economic freedom | 73.7 | 24/197 |
| Property rights | 89.6 | 21/182 |
| Government integrity | 70.9 | 29/182 |
| Judicial effectiveness | 77.5 | 34/182 |
| Tax burden | 61.5 | 167/182 |
| Government spending | 82.6 | 57/180 |
| Fiscal health | 93.5 | 39/181 |
| Business freedom | 81.5 | 27/182 |
| Labor freedom | 55 | 104/182 |
| Monetary freedom | 79.3 | 25/180 |
| Trade freedom | 73 | 84/181 |
| Investment freedom | 60 | 85/181 |
| Financial freedom | 60 | 63/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | 73.7 | 77.5 | 61.5 | 82.6 | 93.5 |
| 2025 | 74 | 77.3 | 59.6 | 81.8 | 93.8 |
| 2024 | 73.1 | 76.9 | 59 | 78.9 | 91.6 |
| 2023 | 73.7 | 68.7 | 60.1 | 82 | 94.1 |
| 2022 | 74.6 | 77.1 | 60.4 | 84.5 | 95.3 |
| 2021 | 74 | 63.4 | 63 | 86.9 | 96.7 |
| 2020 | 74 | 61 | 63.9 | 67.7 | 96.7 |
| 2019 | 72.3 | 57.5 | 64.2 | 68.6 | 96.8 |
| 2018 | 73.8 | 63.7 | 73.3 | 68.8 | 97 |
| 2017 | 74.3 | 59.9 | 73.7 | 68.9 | 97.4 |
| 2016 | 71.7 | - | 73.8 | 69.7 | - |
| 2015 | 71.5 | - | 72.5 | 67.9 | - |
| 2014 | 71.2 | - | 72.6 | 72.6 | - |
| 2013 | 70.3 | - | 73 | 72.8 | - |
| 2012 | 69.9 | - | 72.8 | 67.2 | - |
| 2011 | 69.8 | - | 72.2 | 73 | - |
| 2010 | 69.9 | - | 71.1 | 74.9 | - |
| 2009 | 68.1 | - | 70.4 | 72.5 | - |
| 2008 | 68.6 | - | 71.1 | 77.3 | - |
| 2007 | 67.8 | - | 71.6 | 76.3 | - |
| 2006 | 67.5 | - | 71.2 | 77.6 | - |
| 2005 | 66.4 | - | 69.5 | 77.8 | - |
| 2004 | 67.8 | - | 73.9 | 80.8 | - |
| 2003 | 68.3 | - | 74.2 | 81.8 | - |
| 2002 | 69.5 | - | 69.9 | 82.7 | - |
| 2001 | 69.1 | - | 71.7 | 79.7 | - |
| 2000 | 69.7 | - | 71.8 | 85.5 | - |
| 1999 | 69.7 | - | 67.8 | 85.5 | - |
| 1998 | 73.3 | - | 72.4 | 87.3 | - |
| 1997 | 69.8 | - | 68.1 | 86.9 | - |
| 1996 | 73 | - | 64.4 | 86.4 | - |
| 1995 | 72 | - | 63.3 | 85.6 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).
GeoRank.org/economy/south-korea | CC BY
South Korea is ranked 19/174 for economic freedom with a score of 73.7, compared to 34/162 and a score of 67.5 in 2006.
Other economic metrics
|
South Korea
|
Rank | |
|---|---|---|
| Services, % of GDP |
57.5%
2024 |
92/191 |
| Industry, % of GDP |
33.9%
2024 |
40/194 |
| Agriculture, forestry, and fishing, % of GDP |
1.46%
2024 |
161/193 |
|
GNI, Atlas method
|
$1.9T
2024 |
12/194 |
| GNI per capita, PPP |
$61,930
2024 |
27/191 |
| Total reserves including gold |
$418B
2024 |
8/177 |
|
Net foreign direct investment
|
$33.4B
2024 |
7/189 |
|
Net inflows of foreign direct investment
|
$15.2B
2024 |
26/193 |
|
Net outflows of foreign direct investment
|
$48.6B
2024 |
11/193 |
| Poverty at national poverty lines |
14.4%
2020 |
134/176 |
|
Gross capital formation, % of GDP
|
30%
2024 |
35/178 |
Compare South Korea vs other countries
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/south-korea | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Public Finances in Modern History (1953–1994, retrieved 2026-02-20)
- International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2022–2024, retrieved 2026-02-08)
- Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.