gorously
entrepreneurial society. Real GNP 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. Growth increased
to 6.3% in 1993 as a result of fourth quarter manufacturing production
growth of over 10% and is expected to be in the 8% range for 1994.
National product:
GNP - purchasing power equivalent - $424 billion (1993 est.)
National product real growth rate:
6.3% (1993)
National product per capita:
$9,500 (1993 est.)
Inflation rate (consumer prices):
4.8% (1993)
Unemployment rate:
2.6% (October 1993)
Budget:
revenues:
$48.4 billion
expenditures:
$48.4 billion, including capital expenditures of $NA (1993 est.)
Exports:
$81 billion (f.o.b., 1993)
commodities:
electronic and electrical equipment, machinery, steel, automobiles,
ships, textiles, clothing, footwear, fish
partners:
US 26%, Japan 17%, EC 14%
Imports:
$78.9 billion (c.i.f., 1993)
commodities:
machinery, electronics and electronic equipment, oil, steel, transport
equipment, textiles, organic chemicals, grains
partners:
Japan 26%, US 24%, EC 15%
External debt:
$42 billion (1992)
Industrial production:
growth rate 5% (1992 est.); accounts for about 45% of GNP
Electricity:
capacity:
27,016 kW (1993)
production:
105 billion kWh (1992)
consumption per capita:
2,380 kWh (1992)
Industries:
electronics, automobile production, chemicals, shipbuilding, steel,
textiles, clothing, footwear, food processing
Agriculture:
accounts for 8% of GNP 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 - 810.48 (January 1994), 802.68 (1993)