This Survey is published on the responsibility of the Economic and Development Review Committee (EDRC) of the OECD, which is charged with the examination of the economic situation of member countries.

The economic situation and policies of Korea were reviewed by the Committee on 14 March 2018. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 24 May 2018.

The Secretariat’s draft report was prepared for the Committee by Randall S. Jones, Jae Wan Lee and Haruki Seitani under the supervision of Vincent Koen. Research assistance was provided by Lutécia Daniel. Secretarial assistance was provided by Sisse Nielsen and Mercedes Burgos.

The previous Survey of Korea was issued in May 2016.

Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at www.oecd.org/eco/surveys.

    
BASIC STATISTICS OF KOREA, 2016
(Numbers in parentheses refer to the OECD average)*

LAND, PEOPLE AND ELECTORAL CYCLE

Population (million)

50.8

Population density per km2

515.2

(37.2)

Under 15 (%)

13.6

(17.9)

Life expectancy (years, 2015)

82.1

(80.5)

Over 65 (%)

13.5

(16.6)

Men

79.0

(77.9)

Foreign (%, 2015)

2.3

Women

85.2

(83.1)

Latest 5-year average growth (%)

0.5

(0.6)

Latest general election

April 2016

ECONOMY

Gross domestic product (GDP)

Value added shares (%)

In current prices (billion USD)

1 415

Primary sector

2.1

(2.5)

In current prices (trillion KRW)

1 642

Industry including construction

38.7

(26.6)

Latest 5-year average real growth (%)

2.8

(1.9)

Services

59.2

(70.9)

Per capita (000 USD PPP)

36.6

(42.2)

GENERAL GOVERNMENT

Per cent of GDP

Expenditure

32.3

(40.6)

Gross financial debt

45.1

(110.2)

Revenue

34.7

(37.7)

EXTERNAL ACCOUNTS

Exchange rate (KRW per USD)

1 160

Main exports (% of total merchandise exports)

PPP exchange rate (USA = 1)

875

Machinery and transport equipment

58.7

In per cent of GDP

Manufactured goods

13.1

Exports of goods and services

42.3

(53.6)

Chemicals and related products, not elsewhere specified

12.0

Imports of goods and services

35.4

(49.3)

Main imports (% of total merchandise imports)

Current account balance

7.0

(0.2)

Machinery and transport equipment

35.1

Net international investment position

19.6

Mineral fuels, lubricants and related materials

20.1

Manufactured goods

11.7

LABOUR MARKET, SKILLS AND INNOVATION

Employment rate for 15-64 year-olds (%)

66.1

(66.9)

Unemployment rate, Labour Force Survey (age 15 and over) (%)

3.7

(6.3)

Men

75.9

(74.7)

Youth (age 15-24, %)

10.7

(13.0)

Women

56.1

(59.3)

Long-term unemployed (1 year and over, %)

0.03

(2.0)

Participation rate for 15-64 year-olds (%)

68.7

(71.7)

Tertiary educational attainment 25-64 year-olds (%)

46.9

(35.7)

Average hours worked per year

2 069

(1 763)

Gross domestic expenditure on R&D (% of GDP, 2015)

4.2

(2.4)

ENVIRONMENT

Total primary energy supply per capita (toe, 2015)

5.5

(4.1)

CO2 emissions from fuel combustion per capita (tonnes, 2015)

11.6

(9.2)

Renewables (%, 2015)

1.5

(9.6)

Water abstractions per capita (1 000 m³, 2014)

0.5

Exposure to air pollution (more than 10 μg/m³ of PM2.5, % of population, 2015)

99.8

(75.2)

Municipal waste per capita (tonnes, 2015)

0.4

(0.5)

SOCIETY

Income inequality (Gini coefficient, 2015a)

0.295

(0.311)

Education outcomes (PISA score, 2015)

Relative poverty rate (%, 2015a)

13.8

(11.3)

Reading

517

(493)

Median disposable household income (000 USD PPP, 2015a)

21.1

(23.0)

Mathematics

524

(490)

Public and private spending (% of GDP)

Science

516

(493)

Health care

7.7

(9.0)

Share of women in parliament (%)

17.0

(28.7)

Pensions (2014b)

3.2

(9.1)

Net official development assistance (% of GNI)

0.16

(0.39)

Education (primary, secondary, post sec. non tertiary, 2014)

4.0

(3.7)

Better life index: www.oecdbetterlifeindex.org

← * Where the OECD aggregate is not provided in the source database, a simple OECD average of latest available data is calculated where data exist for at least 29 member countries.

← a. 2014 data for the OECD.

← b. 2013 data for the OECD.

Source: Calculations based on data extracted from the databases of the following organisations: OECD, International Energy Agency, World Bank, International Monetary Fund and Inter-Parliamentary Union.