Country Fast Facts:South Korea

An independent Korean state or collection of states has existed almost continuously for several millennia. Between its initial unification in the 7th century - from three predecessor Korean states - until the 20th century, Korea existed as a single independent country.

In 1905, following the Russo-Japanese War, Korea became a protectorate of imperial Japan, and in 1910 it was annexed as a colony. Korea regained its independence following Japan's surrender to the United States in 1945.

After World War II, a Republic of Korea (ROK) was set up in the southern half of the Korean Peninsula while a Communist-style government was installed in the north (the DPRK).

During the Korean War (1950-53), US troops and UN forces fought alongside soldiers from the ROK to defend South Korea from DPRK attacks supported by China and the Soviet Union. An armistice was signed in 1953, splitting the peninsula along a demilitarized zone at about the 38th parallel.

Thereafter, South Korea achieved rapid economic growth with per capita income rising to roughly 14 times the level of North Korea. In 1993, Kim Young-sam became South Korea's first civilian president following 32 years of military rule.

South Korea today is a fully functioning modern democracy. In June 2000, a historic first North-South summit took place between the South's President Kim Dae-jung and the North's leader Kim Jong Il.

Source: CIA World Fact Book

Population:
49,044,790 (July 2007 est.)

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Age structure:
0-14 years: 18.3% (male 4,714,103/female 4,262,873)
15-64 years: 72.1% (male 18,004,719/female 17,346,594)
65 years and over: 9.6% (male 1,921,803/female 2,794,698) (2007 est.)

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Median age:
total: 35.8 years
male: 34.8 years
female: 36.8 years (2007 est.)

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Population growth rate:
0.394% (2007 est.)

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Birth rate:
9.93 births/1,000 population (2007 est.)

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Death rate:
5.99 deaths/1,000 population (2007 est.)

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Net migration rate:
0 migrant(s)/1,000 population (2007 est.)

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Sex ratio:
at birth: 1.08 male(s)/female
under 15 years: 1.106 male(s)/female
15-64 years: 1.038 male(s)/female
65 years and over: 0.688 male(s)/female
total population: 1.01 male(s)/female (2007 est.)

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Infant mortality rate:
total: 6.05 deaths/1,000 live births
male: 6.43 deaths/1,000 live births
female: 5.64 deaths/1,000 live births (2007 est.)

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Life expectancy at birth:
total population: 77.23 years
male: 73.81 years
female: 80.93 years (2007 est.)

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Total fertility rate:
1.28 children born/woman (2007 est.)

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HIV/AIDS - adult prevalence rate:
less than 0.1% (2003 est.)

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HIV/AIDS - people living with HIV/AIDS:
8,300 (2003 est.)
HIV/AIDS - deaths:
less than 200 (2003 est.)

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Nationality:
noun: Korean(s)
adjective: Korean

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Ethnic groups:
homogeneous (except for about 20,000 Chinese)

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Religions:
Christian 26.3% (Protestant 19.7%, Roman Catholic 6.6%), Buddhist 23.2%, other or unknown 1.3%, none 49.3% (1995 census)

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Languages:
Korean, English widely taught in junior high and high school

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Literacy:
definition: age 15 and over can read and write
total population: 97.9%
male: 99.2%
female: 96.6% (2002)

Since the 1960s, South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy. Four decades ago, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies. Today its GDP per capita is equal to the lesser economies of the EU. This success was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997-99 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. GDP plunged by 6.9% in 1998, then recovered by 9.5% in 1999 and 8.5% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms had stalled. Led by consumer spending and exports, growth in 2002 was an impressive 7%, despite anemic global growth. Between 2003 and 2006, growth moderated to about 4-5%. A downturn in consumer spending was offset by rapid export growth. Moderate inflation, low unemployment, an export surplus, and fairly equal distribution of income characterize this solid economy.

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GDP (purchasing power parity):
$1.196 trillion (2006 est.)

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GDP (official exchange rate):
$897.4 billion (2006 est.)

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GDP - real growth rate:
5% (2006 est.)

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GDP - per capita (PPP):
$24,500 (2006 est.)

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GDP - composition by sector:
agriculture: 3%
industry: 45%
services: 52% (2006 est.)

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Labor force:
23.77 million (31 December 2006 est.)

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Labor force - by occupation:
agriculture: 6.4%
industry: 26.4%
services: 67.2% (2006 est.)

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Unemployment rate:
3.3% (December 2006 est.)

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Population below poverty line:
15% (2003 est.)

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Household income or consumption by percentage share:
lowest 10%: 2.9%
highest 10%: 25% (2005 est.)

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Distribution of family income - Gini index:
35.8 (2000)

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Inflation rate (consumer prices):
2.2% (2006 est.)

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Investment (gross fixed):
28.4% of GDP (2006 est.)

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Budget:
revenues: $200 billion
expenditures: $201 billion; including capital expenditures of $NA (2006 est.)

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Public debt:
31.9% of GDP (2006 est.)

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Agriculture - products:
rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish

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Industries:
electronics, telecommunications, automobile production, chemicals, shipbuilding, steel

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Industrial production growth rate:
8% (2006 est.)

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Electricity - production:
345.2 billion kWh (2004)

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Electricity - consumption:
321 billion kWh (2004)

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Electricity - exports:
0 kWh (2004)

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Electricity - imports:
0 kWh (2004)

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Oil - production:
7,378 bbl/day (2004)

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Oil - consumption:
2.149 million bbl/day (2004)

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Oil - exports:
644,100 bbl/day (2004)

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Oil - imports:
2.83 million bbl/day (2004)

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Oil - proved reserves:
0 bbl

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Natural gas - production:
0 cu m (2004 est.)

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Natural gas - consumption:
27.84 billion cu m (2004 est.)

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Natural gas - exports:
0 cu m (2004 est.)

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Natural gas - imports:
28.93 billion cu m (2004 est.)

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Current account balance:
$2 billion (2006 est.)

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Exports:
$326 billion f.o.b. (2006 est.)

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Exports - commodities:
semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals

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Exports - partners:
China 24.6%, US 13%, Japan 7.5%, Hong Kong 4.2% (2006)

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Imports:
$309.3 billion f.o.b. (2006 est.)

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Imports - commodities:
machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics

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Imports - partners:
Japan 17.6%, China 15.6%, US 11.4%, Saudi Arabia 6.4%, UAE 4% (2006)

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Reserves of foreign exchange and gold:
$239 billion (2006 est.)

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Debt - external:
$249.4 billion (30 September 2006 est.)

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Economic aid - donor:
ODA, $744 million (2005)

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Currency (code):
South Korean won (KRW)

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Exchange rates:
South Korean won per US dollar - 955.3 (2006), 1,024.1 (2005), 1,145.3 (2004), 1,191.6 (2003), 1,251.1 (2002)

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Fiscal year:
calendar year