Economy
Economy - overview: As one of the Four Dragons of East Asia, South Korea has achieved an incredible record of growth. Three decades ago its GDP per capita was comparable with levels in the poorer countries of Africa and Asia. Today its GDP per capita is eight times India's, 15 times North Korea's, and already up with the lesser economies of the European Union. This success has been achieved by a unique system of guidance by an authoritarian government of what is essentially an entrepreneurial process. The government has sponsored large-scale adoption of technology and management from Japan and other modern nations; has successfully pushed the development of export industries while encouraging the import of machinery and materials at the expense of consumer goods; and has pushed its labor force to a work effort seldom matched anywhere even in wartime. Real GDP grew by an average 10% in 1986-91, then paused to a "mere" 5% in 1992-93, moved back up to 8% in 1994 and 9% in 1995, and about 7% in 1996. With a much higher standard of living and with a considerable easing of authoritarian controls, the work pace has softened. Growth rates will probably slow down over the medium term.
GDP: purchasing power parity - $647.2 billion (1996 est.)
GDP - real growth rate: 6.9% (1996 est.)
GDP - per capita: purchasing power parity - $14,200 (1996 est.)
GDP - composition by sector: agriculture: 8% industry: 45% services: 47% (1991 est.)
Inflation rate - consumer price index: 5% (1996)
Labor force: total: 20 million by occupation: services and other 52%, mining and manufacturing 27%, agriculture, fishing, forestry 21% (1991)
Unemployment rate: 1.9% (1996)
Budget: revenues: $69 billion expenditures : $67 billion, including capital expenditures of $17 billion (1995 est.)