ECONOMIC INFORMATION

 

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Population: 47.9m

 

Population growth: 0.57%

Population density (people per sq. km): 485

UN Human Development Index ranking: 28/177

Gross national income (current US$): $606.18 (2008)

Gross national income per capita: $12,020

PPP Gross national income: $859.23

PPP Gross national income per capita: $17,930

GDP growth: 3.07% (2003)

GDP breakdown Agriculture: 3%, Industry: 35%, Services: 62%

Inflation (12-month average): 3.55% (2003)

Gross capital formation as % of GDP: 29.4%

Final consumption expenditure as % of GDP (growth): 68.1%(–0.21%)

Exports of goods & services as % of GDP: 38.2%

Top 3 export markets: China, US, Japan

Local industries: Electronics, telecommunications,automobile manufacture, chemicals

WEF Growth Competitiveness ranking * : 29/104

WEF Business Competitiveness ranking **: 24/103

WEF Quality of the Business Environment ranking: 28/103

Transparency International Corruption Perceptions ranking: 47/145

Languages: Korean (official), English

 

 

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FDI INFORMATION

Region: East Asia

No. of projects (Jan-Sep 2004): 189

Market-share of projects in the region: 51.6%

Value of projects relative to GDP: 31.2%

Top 3 destination sectors: IT & software, auto components, electronic components

Top 3 business functions: Manufacturing, retail, sales & marketing

Top 3 source countries: US, Japan, Germany

Top 3 investors: Royal Philips Electronics, Sony, Sumitomo Group

 

 

IPA

 

Name: Invest Korea

Web address: www.investkorea.org

* World Economic Forum Growth Competitiveness Ranking assesses an economy’s ability to grow consistently

** World Economic Forum Business Competitiveness Ranking assesses the microeconomic factors that contribute to economic growth

*** The difficulty of hiring workers and the difficulty and expense of firing workers is reflected as an index where the higher the value the more rigid the regulations