About This Statistic
The statistic shows the growth of the real gross domestic product (GDP) in South Korea from 2010 to 2016, with projections up until 2020. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a change in it is a sign of economic growth. In 2016, the real GDP in South Korea grew by about 2.83 percent compared to the previous year.
National finances of South Korea
South Korea is a developed country and has a developed market and financial sector. Due to being one of the world’s most prosperous countries, South Korea is recognized as one of the G-20 major economies as well as one of the Next Eleven countries, which, in detail, consists of countries around the globe which have potential to become world powers in the 21st century. South Korea maintains a high level of economic efficiency which saw the South Korean GDP grow consistently over the past decade, with the exception of 2008 and 2009, where the global financial crisis took a toll on the country’s economic situation.
However, despite experiencing a downturn in these years, South Korea still donated roughly 1.7 billion U.S. dollars to countries around world, with the exception of North Korea. This was possible for South Korea because the country maintained one of the highest production efficiencies as well as revenue from goods and services in the world and held a relatively low unemployment rate, which allowed for a more efficient mobilization of resources and a higher influx of income for the masses.