SEOUL, Aug. 14 (Korea Bizwire) — South Korea could see its economy expand by the equivalent of 6% of GDP if the number of foreign residents increased by one million, according to a new study by the Korea Chamber of Commerce and Industry (KCCI) and a research team led by Professor Kim Deok-pa of Korea [...]
SEOUL, May 22, 2025 (Korea Bizwire) — A new report warns that South Korea’s manufacturing sector remains disproportionately dependent on foreign demand—particularly from the United States and China—raising concerns about economic vulnerability amid ongoing global trade tensions. According to data released Wednesday by the Korea Employers Federation (KEF), 58.4% of South Korea’s manufacturing GDP in [...]
SEOUL, April 6 (Korea Bizwire) — South Korea ranked 29th out of 37 major economies in terms of economic growth during the fourth quarter of 2024, as weak domestic demand and heightened political uncertainty weighed on the nation’s performance, a central bank report showed Sunday. Asia’s fourth-largest economy posted real gross domestic product (GDP) growth [...]
SEOUL, Feb. 2 (Korea Bizwire) — South Korea’s gross domestic product (GDP) per person is estimated to have exceeded the US$36,000 mark last year, data showed Sunday. The GDP per capita for 2024 is estimated at $36,024, up $454, or 1.28 percent, from a year earlier, according to the data compiled by the Ministry of [...]
SEOUL, Oct. 25 (Korea Bizwire) – South Korea is set to maintain its economic edge over Japan and Taiwan in per capita GDP this year, according to recent International Monetary Fund projections, with forecasts suggesting it will surpass the $40,000 milestone by 2027. In its World Economic Outlook report released on October 22, the IMF projected [...]
SEOUL, Oct. 9 (Korea Bizwire) — South Korea’s top four conglomerates accounted for more than 40 percent of the country’s annual gross domestic product (GDP) in 2023, data showed Wednesday. The combined sales of the four family-controlled groups — Samsung, SK, Hyundai Motor and LG — reached 980.5 trillion won (US$729 billion) in 2023, accounting [...]
SEOUL, Dec. 27 (Korea Bizwire) – South Korea has been reported to spend 2% of its Gross Domestic Product (GDP) on environmental protection, averaging approximately 920,000 won per capita. The Ministry of Environment revealed the compilation results of the environmental protection expenditure account for 2021 on December 25. In 2021, the national expenditure for environmental protection [...]
SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s per-capita gross domestic product (GDP) fell by the most among major economies after Japan and Sweden last year, data showed Wednesday. The country’s per-capita GDP dropped 8.2 percent on-year to come to US$32,142 in 2022, according to the data analyzed by the Bank of Korea based on [...]
SEOUL, May 29 (Korea Bizwire) — South Korea’s household debt-to-gross domestic product (GDP) ratio stood at the highest level among 34 major economies in the first quarter, global financial data showed Monday. The ratio stood at 102.2 percent in the January-March period, followed by Hong Kong with a ratio of 95.1 percent, Thailand with 85.7 [...]
SEJONG, Dec. 22 (Korea Bizwire) — The gross regional domestic product (GRDP) in South Korea moved up 6.8 percent in 2021 from a year earlier, led by gains in the manufacturing industry, data showed Thursday. The GRDP was tallied at 2,076 trillion won (US$1.63 trillion) in 2021, up 132 trillion won from a year earlier, [...]