:Korea, South Economy
Overview:
The driving force behind the economy's dynamic growth has been the planned
development of an export-oriented economy in a vigorously entrepreneurial
society. Real GNP has increased more than 10% annually over the past six
years. This growth has led to an overheated situation characterized by a
tight labor market, strong inflationary pressures, and a rapidly rising
current account deficit. Policymakers have stated they will focus attention
on slowing inflation. In any event, the economy will remain the envy of the
great majority of the world's peoples.
GNP:
purchasing power equivalent - $273 billion, per capita $6,300; real growth
rate 8.7% (1991 est.)
Inflation rate (consumer prices):
9.7% (1991)
Unemployment rate:
2.4% (1991)
Budget:
revenues $44 billion; expenditures $44 billion, including capital
expenditures of $NA (1992)
Exports:
$71.9 billion (f.o.b., 1991)
commodities:
textiles, clothing, electronic and electrical equipment, footwear,
machinery, steel, automobiles, ships, fish
partners:
US 26%, Japan 18% (1991)
Imports:
$81.6 billion (c.i.f., 1991)
commodities:
machinery, electronics and electronic equipment, oil, steel, transport
equipment, textiles, organic chemicals, grains
partners:
Japan 26%, US 23% (1991)
External debt:
$38.2 billion (1991)
Industrial production:
growth rate 7.5% (1991 est.); accounts for about 45% of GNP
Electricity:
24,000,000 kW capacity; 106,000 million kWh produced, 2,460 kWh per capita
(1991)
Industries:
textiles, clothing, footwear, food processing, chemicals, steel,
electronics, automobile production, shipbuilding
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:
US commitments, including Ex-Im (FY70-89), $3.9 billion; non-US countries
(1970-89), $3.0 billion
Currency:
South Korean won (plural - won); 1 South Korean won (W) = 100 chon
(theoretical)
Exchange rates:
South Korean won (W) per US$1 - 766.66 (January 1992), 733.35 (1991), 707.76
(1990), 671.46 (1989), 731.47 (1988), 822.57 (1987)
:Korea, South Economy
Fiscal year: calendar year
:Korea, South Communications
Railroads:
3,106 km operating in 1983; 3,059 km 1.435-meter standard gauge, 47 km
0.610-meter narrow gauge, 712 km double track, 418 km electrified;
government owned
Highways:
62,936 km total (1982); 13,476 km national highway, 49,460 km provincial and
local roads
Inland waterways:
1,609 km; use restricted to small native craft
Pipelines:
petroleum products 455 km
Ports:
Pusan, Inchon, Kunsan, Mokpo, Ulsan
Merchant marine:
435 ships (1,000 GRT or over) totaling 6,924,818 GRT/11,389,397 DWT;
includes 2 short-sea passenger, 140 cargo, 53 container, 11 refrigerated
cargo, 9 vehicle carrier, 42 petroleum tanker, 10 chemical tanker, 14
liquefied gas, 5 combination ore/oil, 145 bulk, 3 combination bulk, 1
multifunction large-load carrier
Civil air:
93 major transport aircraft
Airports:
105 total, 97 usable; 60 with permanent-surface runways; none with runways
over 3,659 m; 23 with runways 2,440-3,659 m; 16 with runways 1,220-2,439 m
Telecommunications:
adequate domestic and international services; 4,800,000 telephones;
broadcast stations - 79 AM, 46 FM, 256 TV (57 of 1 kW or greater); satellite
earth stations - 2 Pacific Ocean INTELSAT and 1 Indian Ocean INTELSAT
:Korea, South Defense Forces
Branches:
Army, Navy, Marines Corps, Air Force
Manpower availability:
males 15-49, 13,131,113; 8,456,428 fit for military service; 448,450 reach
military age (18) annually
Defense expenditures:
exchange rate conversion - $12.6 billion, 4.5% of GNP (1992 budget)
:Kuwait Geography
Total area:
17,820 km2
Land area:
17,820 km2
Comparative area:
slightly smaller than New Jersey
Land boundaries:
462 km; Iraq 240 km, Saudi Arabia 222 km
Coastline:
499 km
Maritime claims:
Continental shelf:
not specific
Territorial sea:
12 nm
Disputes:
in April 1991 official Iraqi acceptance of UN Security Council Resolution
687, which demands that Iraq accept the inviolability of the boundary set
forth in its 1963 agreement with Kuwait, ending earlier claims to Bubiyan
and Warbah Islands or to all of Kuwait; a UN Boundary Demarcation Commission
is demarcating the Iraq-Kuwait boundary persuant to Resolution 687, and, on
17 June 1992, the UN Security Council reaffirmed the finality of the
Boundary Demarcation Commission's decisions; ownership of Qaruh and Umm al
Maradim Islands disputed by Saudi Arabia
Climate:
dry desert; intensely hot summers; short, cool winters
Terrain:
flat to slightly undulating desert plain
Natural resources:
petroleum, fish, shrimp, natural gas
Land use:
arable land NEGL%; permanent crops 0%; meadows and pastures 8%; forest and
woodland NEGL%; other 92%; includes irrigated NEGL%
Environment:
some of world's largest and most sophisticated desalination facilities
provide most of water; air and water pollution; desertification
Note:
strategic location at head of Persian Gulf