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Economy of South Korea vs Venezuela compared: GDP & Debt

Updated on by Georank team

South Korea has a GDP of $1.71T compared to $482B for Venezuela, ranking 15/197 and 33/197 by economy size, respectively.

South Korea has $868B in government debt (54.5% of GDP), compared to $410B (192.4% of GDP) in Venezuela.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

South Korea
GDP, current $

GDP, constant 2015 $
Venezuela
GDP, current $

GDP, constant 2015 $
Year GDP
South Korea Venezuela
Current $ Constant $ Current $ Constant $
1960 $3,958,811,881 $25,704,085,715 $7,663,938,303 -
1961 $2,417,628,737 $27,486,919,212 $8,067,267,031 -
1962 $2,814,615,385 $28,557,609,626 $8,814,309,884 -
1963 $3,988,461,538 $31,133,668,302 $9,608,717,288 -
1964 $3,459,019,943 $34,083,217,465 $8,192,413,793 -
1965 $3,120,861,499 $36,577,575,097 $8,427,777,778 -
1966 $3,929,055,144 $40,964,673,583 $8,781,333,333 -
1967 $4,855,892,446 $44,684,104,770 $9,250,000,000 -
1968 $6,119,394,892 $50,567,110,467 $10,034,444,444 -
1969 $7,678,698,838 $57,930,372,849 $10,285,111,111 -
1970 $9,005,144,969 $63,753,959,605 $11,561,111,111 -
1971 $9,903,571,249 $70,477,142,055 $12,986,590,909 -
1972 $10,862,211,761 $75,561,617,309 $13,977,727,273 -
1973 $13,876,472,208 $86,819,030,861 $17,035,581,395 -
1974 $19,543,973,941 $95,077,114,202 $26,100,930,233 -
1975 $21,784,297,521 $102,531,096,576 $27,464,651,163 -
1976 $29,902,479,339 $116,087,191,991 $31,419,534,884 -
1977 $38,446,487,603 $130,407,687,326 $36,210,697,674 -
1978 $51,972,107,438 $144,691,222,664 $39,316,279,070 -
1979 $66,946,900,826 $157,237,726,607 $48,310,930,233 -
1980 $65,398,377,598 $154,650,084,774 $59,116,511,628 -
1981 $72,933,533,012 $165,856,302,541 $66,327,441,860 -
1982 $78,358,416,171 $179,685,530,559 $67,736,744,186 -
1983 $87,760,553,262 $203,720,580,661 $67,556,279,070 -
1984 $97,510,744,119 $225,216,443,661 $59,867,743,468 -
1985 $101,296,177,099 $242,870,854,435 $61,965,466,667 -
1986 $116,836,246,285 $270,381,470,486 $60,516,123,711 -
1987 $147,948,709,376 $304,783,976,339 $48,029,034,483 -
1988 $199,591,287,825 $341,320,612,493 $60,226,413,793 -
1989 $246,928,837,311 $365,461,856,267 $43,536,709,104 -
1990 $283,365,844,161 $401,560,542,994 $48,606,952,195 -
1991 $330,647,042,837 $444,840,963,701 $53,453,444,787 -
1992 $355,524,903,068 $472,415,066,062 $60,416,519,620 -
1993 $392,665,710,525 $504,905,290,010 $60,037,460,783 -
1994 $463,619,823,515 $551,703,276,663 $58,418,666,667 -
1995 $566,581,003,128 $604,747,148,974 $77,389,487,770 -
1996 $610,167,053,824 $652,465,952,372 $70,543,211,119 -
1997 $569,755,022,973 $692,726,706,029 $85,837,678,560 -
1998 $383,331,833,682 $657,193,648,716 $91,336,763,255 -
1999 $497,514,040,642 $732,553,666,047 $97,972,842,462 -
2000 $576,179,387,820 $798,929,132,744 $117,146,466,003 -
2001 $547,656,279,895 $837,696,366,558 $122,911,036,747 -
2002 $627,246,933,730 $902,409,606,062 $92,893,587,734 -
2003 $702,714,855,194 $930,811,064,125 $83,620,628,582 -
2004 $793,175,561,887 $979,188,957,980 $112,451,400,425 -
2005 $934,901,071,333 $1,021,377,732,487 $145,513,489,652 -
2006 $1,053,216,909,888 $1,075,146,392,090 $183,477,522,124 -
2007 $1,172,614,086,540 $1,137,500,027,632 $230,364,012,576 -
2008 $1,047,339,010,225 $1,171,772,731,392 $315,953,388,511 -
2009 $943,941,876,219 $1,181,061,361,994 $329,787,628,928 -
2010 $1,143,672,241,150 $1,261,430,519,849 $393,192,354,511 -
2011 $1,253,289,537,501 $1,307,922,658,113 $316,482,190,800 -
2012 $1,278,046,536,287 $1,339,345,905,332 $381,286,237,848 -
2013 $1,370,632,955,321 $1,381,732,300,870 $371,005,379,787 -
2014 $1,484,488,526,272 $1,425,981,639,370 $482,359,318,768 -
2015 $1,466,038,936,206 $1,466,038,936,206 - -
2016 $1,499,679,823,910 $1,509,241,369,554 - -
2017 $1,623,074,183,502 $1,556,927,899,271 - -
2018 $1,725,373,496,825 $1,602,194,079,769 - -
2019 $1,651,422,932,448 $1,638,146,960,195 - -
2020 $1,644,312,831,906 $1,626,525,694,050 - -
2021 $1,818,432,106,880 $1,696,543,311,943 - -
2022 $1,673,916,511,800 $1,740,868,427,277 - -
2023 $1,712,792,854,202 $1,764,487,367,949 - -

Economic indicators

South Korea Venezuela
Gross domestic product
$1.71T
2023
$482B
2014
GDP rank
15/197
2023
33/197
2014
GDP growth
2.32%
2022-2023
30%
2013-2014
GDP per capita
$33,121
2023
$15,944
2014
GDP per capita rank
36/197
2023
66/197
2014
GDP per capita, PPP
$52,204
2023
$17,349
2011
Government debt
$868B
2023
$410B
2014
Debt-to-GDP ratio
54.5%
2025
192.4%
2025
Government debt per person
$16,791
2023
$13,536
2014
Government debt per person rank
36/185
2023
44/185
2014
Average annual personal income after taxes
$23,981
2025
$4,514
2025
Market capitalization of domestic companies
$1.56T
2024
$3.98B
2002
Number of millionaires
1,295,674
2024
n/a
Number of billionaires
30
2025
1
2025
Income share by richest 10%
24.6%
2021
33.2%
2006
Income share by poorest 10%
2.9%
2021
1.2%
2006
Government expenditure, % of GDP
23.3%
2025
15.7%
2025
Consumer prices inflation
2.32%
2023-2024
269.9%
2024-2025
Central bank interest rate
2.5%
2025
n/a
Unemployment rate
2.78%
2024
7.53%
2020
Population
51700480
28610737

GDP per capita in South Korea vs Venezuela

South Korea's GDP per capita is $33,121, ranking 36/197, compared to $15,944 in Venezuela, ranking 66/197. Adjusted for purchasing power (GDP per capita PPP), South Korea ranks 39th at $52,204, while Venezuela ranks 106th at $17,349.

South Korea
GDP per capita

GDP per capita, PPP
Venezuela
GDP per capita

GDP per capita, PPP
Year Current $
South Korea Venezuela
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $158.3 - $939 -
1961 $93.8 - $954 -
1962 $106.2 - $1,007 -
1963 $146.3 - $1,060 -
1964 $123.6 - $874 -
1965 $108.7 - $869 -
1966 $133.5 - $876 -
1967 $161.2 - $893 -
1968 $198.4 - $938 -
1969 $243.4 - $932 -
1970 $279.3 - $1,015 -
1971 $301 - $1,106 -
1972 $324 - $1,155 -
1973 $407 - $1,367 -
1974 $563 - $2,034 -
1975 $617 - $2,078 -
1976 $834 - $2,309 -
1977 $1,056 - $2,585 -
1978 $1,406 - $2,727 -
1979 $1,784 - $3,257 -
1980 $1,715 - $3,874 -
1981 $1,883 - $4,228 -
1982 $1,993 - $4,202 -
1983 $2,199 - $4,079 -
1984 $2,413 - $3,520 -
1985 $2,482 - $3,549 -
1986 $2,835 - $3,376 -
1987 $3,555 - $2,611 -
1988 $4,749 - $3,191 -
1989 $5,817 - $2,250 -
1990 $6,610 $8,355 $2,452 $9,497
1991 $7,637 $9,475 $2,633 $10,520
1992 $8,127 $10,185 $2,907 $11,151
1993 $8,885 $11,031 $2,825 $11,191
1994 $10,385 $12,187 $2,689 $10,920
1995 $12,565 $13,503 $3,487 $11,345
1996 $13,403 $14,694 $3,113 $11,291
1997 $12,398 $15,722 $3,711 $11,970
1998 $8,282 $14,975 $3,870 $11,898
1999 $10,672 $16,807 $4,071 $11,127
2000 $12,257 $18,539 $4,776 $11,577
2001 $11,561 $19,724 $4,920 $12,018
2002 $13,165 $21,397 $3,652 $10,924
2003 $14,673 $22,096 $3,230 $10,095
2004 $16,496 $23,774 $4,269 $12,053
2005 $19,403 $25,187 $5,432 $13,486
2006 $21,743 $26,884 $6,739 $15,028
2007 $24,086 $29,065 $8,332 $16,528
2008 $21,350 $29,946 $11,262 $17,480
2009 $19,144 $29,508 $11,597 $16,795
2010 $23,079 $31,737 $13,646 $16,528
2011 $25,098 $32,547 $10,844 $17,349
2012 $25,459 $33,557 $12,901 -
2013 $27,180 $34,244 $12,403 -
2014 $29,253 $35,324 $15,944 -
2015 $28,737 $37,908 - -
2016 $29,280 $39,575 - -
2017 $31,601 $40,957 - -
2018 $33,447 $43,044 - -
2019 $31,902 $43,865 - -
2020 $31,721 $45,143 - -
2021 $35,126 $48,420 - -
2022 $32,395 $51,231 - -
2023 $33,121 $52,204 - -

Spending and national debt comparison

In 2023, South Korea's government spending was $397B, accounting for 23.3% of its GDP, while Venezuela's spent $152B, or 15.7% of GDP.

Debt-to-GDP ratio is 54.5% in South Korea and 192.4% in Venezuela, ranking 98/185 and 4/185, respectively.

South Korea
Government spending

Government debt
Venezuela
Government spending

Government debt
Year % of GDP
South Korea Venezuela
Government spending Government debt Government spending Government debt
1960 17.9% 13.7% 23.7% 8.28%
1961 21.2% 13.4% 11.8% 8.79%
1962 22.3% 13% 17.6% 7.24%
1963 15.4% 9.21% 18.7% 6.3%
1964 12.1% 6.57% 17.9% 4.95%
1965 13.1% 6.14% 18.7% 5.46%
1966 16% 4.44% 19.1% 5.84%
1967 16.7% 3.74% 19.8% 6.74%
1968 18.5% 2.76% 19.8% 7.84%
1969 19.8% 2.63% 21% 9.91%
1970 17.5% 6.95% 19.5% 10.6%
1971 18.5% 14.2% 19.6% 9.64%
1972 18.5% 17.9% 21.3% 10.6%
1973 14.2% 17.5% 20% 9.78%
1974 16.1% 18.3% 35.3% 7.72%
1975 18.8% 21.1% 33.8% 8.31%
1976 17% 20% 26.6% 9.64%
1977 17.7% 19.7% 30.6% 12.7%
1978 15.7% 18% 29.2% 16.6%
1979 16.3% 15.5% 22.3% 19.2%
1980 16.8% 18.2% 22% 16.6%
1981 16.3% 18.5% 29.6% 18.9%
1982 17.8% 20.2% 29% 18.6%
1983 16% 19% 25.3% 21.4%
1984 15.6% 16.7% 19.7% 36.4%
1985 15.5% 16.1% 20.3% 34.1%
1986 14.9% 14.4% 21.5% 45.9%
1987 14.3% 15.2% 25.1% 58.3%
1988 13.9% 12.6% 33.2% 46.3%
1989 15% 12.3% 32.5% 61.8%
1990 15.2% 12.8% 31.9% 63.3%
1991 15.4% 11.9% 33.9% 62.2%
1992 15.5% 11.6% 30.6% 54.8%
1993 15.1% 10.9% 27.7% 57.7%
1994 15.4% 9.63% 42.2% 63.9%
1995 13.5% 8.48% 32.9% 45.9%
1996 14% 7.81% 27.7% 45.9%
1997 13.9% 9.69% 31% 34.8%
1998 16% 13.8% 28.8% 30.7%
1999 16.1% 15.8% 26.1% 29.6%
2000 16% 16.1% 28.3% 27.7%
2001 16.9% 16.6% 31.9% 30.7%
2002 15.9% 16.4% 31% 48.2%
2003 17.9% 19.1% 32.2% 56%
2004 18.5% 21.6% 31.9% 41.8%
2005 18.2% 24.9% 33.5% 34.9%
2006 18.7% 27% 39.3% 25.7%
2007 18.8% 26.3% 35.9% 26.4%
2008 19.1% 25.9% 34.9% 20.3%
2009 19.5% 28.8% 33.3% 27.6%
2010 17.9% 28.3% 31.1% 37.7%
2011 18.3% 31.7% 39.4% 52.5%
2012 18.8% 33.5% 38% 58.4%
2013 19% 36% 36.5% 85.4%
2014 18.8% 37.9% 31.6% 84.9%
2015 18.8% 38.8% 22.9% 129.8%
2016 18.5% 39.1% 19.7% 138.4%
2017 18.6% 38% 21.8% 133.6%
2018 19.3% 37.9% 37.9% 175.3%
2019 21.3% 39.7% 21% 206%
2020 23.7% 45.9% 11.2% 337%
2021 24.1% 48% 13.1% 254.2%
2022 26.7% 49.8% 15.1% 164.4%
2023 23.2% 50.7% 13.2% 138.5%
2024 22.8% 52.5% 17.6% 164.3%
2025 23.3% 54.5% 15.7% 192.4%

Government deficit by year

In 2014, South Korea's government surplus, the difference between spending and revenue, was $8.51B, equivalent to 0.57% of GDP. This compares to Venezuela's deficit of -$47.3B, or -9.81% of GDP.

Over the past 55 years, South Korea recorded a fiscal deficit in 20 of those years, while Venezuela ran a deficit in 29 years. On average, South Korea posted an annual deficit equal to -0.13% of GDP, compared to deficit of -1.35% of GDP for Venezuela.

Deficit/surplus
South Korea

Venezuela
Year Deficit/surplus, % of GDP
South Korea Venezuela
1920 - -1.75%
1921 - -0.97%
1922 - 1.57%
1923 - 1.32%
1924 - 0.37%
1925 - 0.54%
1926 - 0.14%
1927 - 1.55%
1928 - -0.68%
1929 - -0.34%
1930 - -2.03%
1931 - 1.02%
1932 - 0.51%
1933 - 1.03%
1934 - 1.34%
1935 - -2.23%
1936 - -0.52%
1937 - 0.73%
1938 - 0.68%
1939 - -0.78%
1940 - -1.07%
1941 - 0.01%
1942 - 0.2%
1943 - -0.27%
1944 - 1.85%
1945 - 2.9%
1946 - -0.9%
1947 - 0.09%
1948 - 1.27%
1949 - 0.15%
1950 - -0.23%
1951 - -0.24%
1952 - -0.5%
1953 -4.14% 0.03%
1954 -10.3% 1.84%
1955 -10.6% 0.38%
1956 -10.8% 0.76%
1957 -10.1% 6.7%
1958 -10% -4.86%
1959 -6.52% -4.98%
1960 -5.18% -4.08%
1961 -9.48% -1.91%
1962 -7.82% 2.14%
1963 -4.32% 1.92%
1964 -4.1% 1.91%
1965 -3.43% 0.39%
1966 -4.27% 0.23%
1967 -2.87% 0.51%
1968 -2.36% -0.32%
1969 -2.85% -2.17%
1970 -0.52% -1.22%
1971 -1.3% 0.78%
1972 -4.33% 0.42%
1973 -1.72% 1.98%
1974 -2.78% 2.76%
1975 -3.68% 0.88%
1976 -0.87% 1.65%
1977 -1.81% -4.69%
1978 -0.27% -5.44%
1979 0.47% -3.07%
1980 0.46% 4.41%
1981 0.99% 4.74%
1982 -0.41% -0.17%
1983 1.05% 1.24%
1984 0.78% 5.33%
1985 0.47% 6.97%
1986 0.8% 0.82%
1987 1.7% -7.47%
1988 2.85% -9.24%
1989 2.27% -0.91%
1990 2.98% 3.84%
1991 1.94% -2.28%
1992 2.42% -6.37%
1993 3.21% -2.92%
1994 2.06% -11.2%
1995 2.16% -5.86%
1996 2.3% 7.94%
1997 2.31% 2.58%
1998 1.09% -4.49%
1999 1.15% 0.74%
2000 3.91% 4.45%
2001 2.42% -4.59%
2002 3.23% -1.48%
2003 1.51% 0.17%
2004 0.09% 2.47%
2005 0.95% 4.09%
2006 1.18% -1.6%
2007 2.49% -2.82%
2008 1.58% -3.46%
2009 0.24% -8.69%
2010 1.61% -4.74%
2011 1.72% -8.24%
2012 1.63% -9.86%
2013 0.79% -10.4%
2014 0.57% -9.81%
2015 0.5% -8.06%
2016 1.56% -8.46%
2017 2.08% -13.3%
2018 2.42% -31%
2019 0.35% -10.9%
2020 -2.11% -6.63%
2021 -0.02% -5.85%
2022 -1.49% -5.29%
2023 -0.67% -1.21%
2024 -0.63% -3.58%
2025 -0.4% -5.51%

Inflation comparison by year

Over the past 29 years, South Korea has recorded an average annual inflation rate of 2.76%, compared with 3,145% in Venezuela. In 2024, inflation was 2.32% in South Korea and 269.9% in Venezuela.

Inflation
South Korea

Venezuela
Year Inflation
South Korea Venezuela South Korea Venezuela
1996 4.92% 99.9%
1997 4.44% 50%
1998 7.51% 35.8%
1999 0.81% 23.6%
2000 2.26% 16.2%
2001 4.07% 12.5%
2002 2.76% 22.4%
2003 3.51% 31.1%
2004 3.59% 21.7%
2005 2.75% 16%
2006 2.24% 13.7%
2007 2.53% 18.7%
2008 4.67% 31.4%
2009 2.76% 26%
2010 2.94% 28.2%
2011 4.03% 26.1%
2012 2.19% 21.1%
2013 1.3% 40.6%
2014 1.27% 62.2%
2015 0.71% 121.7%
2016 0.97% 254.9%
2017 1.94% 438%
2018 1.48% 65,374%
2019 0.38% 19,906%
2020 0.54% 2,355%
2021 2.5% 1,589%
2022 5.09% 186.5%
2023 3.6% 338%
2024 2.32% 49%
2025 - 269.9%

Top exports between countries

South Korea
Export category Export value
Machinery & equipment $24.1M
Chemicals & pharma $10.7M
Raw materials & minerals $3.21M
Processed food, beverages & tobacco $2.08M
Metals $1.99M
Raw agricultural goods $1.35M
Textiles & consumer goods $756K
Wood & paper products $410K
Precious metals & jewellery $23K
Miscellaneous $9K
Venezuela
Export category Export value
Metals $45.3M
Machinery & equipment $95K
Chemicals & pharma $72K
Animal & marine products $6K

Balance of trade

South Korea Venezuela
Current account balance
$99B
2024
-$3.87B
2016
Current account balance ranking
6/189
2024
158/189
2016
Current account balance, % of GDP
+1.92%
2023
+1.02%
2014
Goods imports
$596B
2024
$16.3B
2016
Goods exports
$696B
2024
$27.4B
2016
Service imports
$163B
2024
$9.47B
2016
Service exports
$139B
2024
$1.28B
2016
Imports of goods and services, % of GDP
43.9%
2023
31.4%
2014
Exports of goods and services, % of GDP
44%
2023
16.7%
2014

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

South Korea Venezuela
Economic freedom 74 27.6
Economic freedom ranking 22/197 194/197
Property rights 89.4 0.7
Government integrity 68.8 6.7
Judicial effectiveness 77.3 4.1
Tax burden 59.6 75.9
Government spending 81.8 93.8
Fiscal health 93.8 29.1
Business freedom 90 32.5
Labor freedom 56.4 35.9
Monetary freedom 77.6 0
Trade freedom 73.2 42.2
Investment freedom 60 0
Financial freedom 60 10

Economic freedom by year comparison

The Economic Freedom Index for South Korea is 74, ranking 22/197, compared to 27.6 for Venezuela, ranking 194/197. The chart below displays a comparison of annual changes in economic freedom indexes.

South Korea
Venezuela
Year Economic freedom index
South Korea Venezuela
1995 72 59.8
1996 73 54.5
1997 69.8 52.8
1998 73.3 54
1999 69.7 56.1
2000 69.7 57.4
2001 69.1 54.6
2002 69.5 54.7
2003 68.3 54.8
2004 67.8 46.7
2005 66.4 45.2
2006 67.5 44.6
2007 67.8 47.9
2008 68.6 44.7
2009 68.1 39.9
2010 69.9 37.1
2011 69.8 37.6
2012 69.9 38.1
2013 70.3 36.1
2014 71.2 36.3
2015 71.5 34.3
2016 71.7 33.7
2017 74.3 27
2018 73.8 25.2
2019 72.3 25.9
2020 74 25.2
2021 74 24.7
2022 74.6 24.8
2023 73.7 25.8
2024 73.1 28.1
2025 74 27.6

More economic indicators

South Korea Venezuela
Services, % of GDP
58.4%
2023
51.7%
2014
Industry, % of GDP
31.6%
2023
37.2%
2014
Agriculture, forestry, and fishing, % of GDP
1.6%
2023
5.03%
2014
GNI, Atlas method
$1.84T
2023
$393B
2014
GNI per capita, PPP
$53,180
2023
$16,910
2011
Total reserves including gold
$418B
2024
$9.79B
2017
Total reserves ranking
8/177
2024
77/177
2017
Net foreign direct investment
$33.4B
2024
-$27M
2016
Net inflows of foreign direct investment
$15.2B
2024
$1.63B
2024
Net outflows of foreign direct investment
$48.6B
2024
$2.6B
2024
Poverty at national poverty lines
14.4%
2020
33.1%
2015
Gross capital formation, % of GDP
32.1%
2023
24.8%
2014

GDP per capita map

GDP per capita

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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.