GDP from the construction sector South Korea 2011-2022

In 2022, the gross domestic product (GDP) contributed by the construction sector in South Korea was approximately 86 trillion South Korean won. The GDP from this sector showed overall growth until 2017 and started to decrease from the year after. The GDP from construction peaked at around 94.37 trillion South Korean won in 2017.

Construction industry in South Korea

In 2021, there were approximately 232 thousand construction permits in South Korea (This figure does not include overseas orders of South Korean companies). In 2020, the total costs of construction amounted to about 378 trillion South Korean won. According to the government construction capability evaluation, South Korea’s leading construction company was Samsung C&T (Construction and Trading). The annual construction capacity evaluation measures a company’s performance based on construction contracts, business management, technical capabilities, and brand credibility.

Construction overseas

South Korean construction companies also operate overseas, building industrial plants, public works, electric powerplants, telecommunications facilities, and more. Overseas construction orders amounted to approximately 30 billion U.S. dollars in 2021. At their peak in 2010, South Korean construction companies had orders reaching nearly 72 billion dollars.