South Korea’s real GDP grew by 0.1% year-on-year in 2023, a level that signals near stagnation. Labor and consumer signals remained steady with unemployment at 2.5% in March 2024 and inflation at 3.0% in April 2024. Even with weak momentum, Korea’s export machine stayed concentrated in advanced industry, with semiconductors accounting for 19.8% of total exports in 2023.
Key Takeaways
- 0.1% real GDP growth in 2023 (Korea’s real GDP grew by 0.1% year-on-year in 2023, reflecting a near-stagnation period).
- 2.5% unemployment rate in March 2024 (South Korea’s unemployment rate was 2.5% in March 2024).
- 3.0% inflation rate in April 2024 (Korea’s consumer prices rose 3.0% year-on-year in April 2024).
- Korea ranked first globally in R&D intensity among OECD members with 3.8% of GDP in 2022 (R&D as share of GDP).
- South Korea spent 1.06% of GDP on broadband infrastructure (fixed broadband investment as share of GDP figure).
- Korea’s share of adults with tertiary education was 46% in 2023 (tertiary educational attainment among adults).
- US$46.7 billion merchandise trade surplus in 2023 (Korea’s goods trade balance totaled about US$46.7B in 2023).
- US$669.2 billion exports in 2023 (South Korea exported about US$669.2B in 2023).
- US$622.5 billion imports in 2023 (South Korea imported about US$622.5B in 2023).
- The e-commerce market in South Korea reached KRW 174.2 trillion in 2023 (online retail sales volume).
- Korea had 94% household internet penetration in 2023 (share of households with internet access).
- Korea’s social media users reached 37.4 million in 2024 (number of social media users).
- Korea generated 6.1 TWh from wind in 2023 (wind electricity generation).
- Korea’s water withdrawal was 33.8 billion m³ in 2020 (total water withdrawals).
- Korea’s waste recycling rate was 53.2% in 2022 (municipal waste recycling rate).
Korea faced near stagnant growth and rising prices in 2024, yet led in R&D and exports.
Related reading
01 · Category
Macroeconomics5 stats
01
0.1% real GDP growth in 2023 (Korea’s real GDP grew by 0.1% year-on-year in 2023, reflecting a near-stagnation period).
02
2.5% unemployment rate in March 2024 (South Korea’s unemployment rate was 2.5% in March 2024).
03
3.0% inflation rate in April 2024 (Korea’s consumer prices rose 3.0% year-on-year in April 2024).
04
1.4% GDP deficit in 2023 (South Korea recorded a general government budget deficit of about 1.4% of GDP in 2023).
05
8.2% of Korea’s population lived in poverty (below the relative poverty line) in 2022 (share of population below poverty threshold as measured by relative poverty).
Interpretation
Macroeconomics Interpretation
Korea’s macroeconomic picture in 2023 to 2024 shows near stagnation with only 0.1% real GDP growth in 2023, alongside low unemployment at 2.5% and moderate inflation at 3.0%, but still a sizable fiscal strain and social pressure with a 1.4% GDP deficit and 8.2% of the population living below the relative poverty line in 2022.
02 · Category
Workforce & Skills8 stats
01
Korea ranked first globally in R&D intensity among OECD members with 3.8% of GDP in 2022 (R&D as share of GDP).
02
South Korea spent 1.06% of GDP on broadband infrastructure (fixed broadband investment as share of GDP figure).
03
Korea’s share of adults with tertiary education was 46% in 2023 (tertiary educational attainment among adults).
04
Korea had 12.1 researchers per 1,000 employed persons in 2022 (R&D personnel intensity).
05
South Korea’s labor force participation rate was 67.7% in 2023 (overall participation rate).
06
Female labor force participation in Korea was 54.6% in 2023 (female labor force participation rate).
07
Korea’s unemployment among youth (15-24) was 7.9% in 2023 (youth unemployment rate).
08
Korea had 4.3% of workers employed in information and communications in 2023 (ICT employment share).
Interpretation
Workforce & Skills Interpretation
With Korea investing 3.8% of GDP in R&D and reaching 12.1 researchers per 1,000 employed people in 2022 while adults with tertiary education stand at 46% in 2023, its workforce and skills pipeline is strongly geared toward knowledge and innovation.
03 · Category
Trade & Manufacturing8 stats
01
US$46.7 billion merchandise trade surplus in 2023 (Korea’s goods trade balance totaled about US$46.7B in 2023).
02
US$669.2 billion exports in 2023 (South Korea exported about US$669.2B in 2023).
03
US$622.5 billion imports in 2023 (South Korea imported about US$622.5B in 2023).
04
Semiconductors accounted for 19.8% of Korea’s total exports in 2023 (semiconductor export share of total exports).
05
Korea’s steel production was 67.9 million tonnes in 2023 (crude steel production volume).
06
Korea accounted for 15% of global smartphone production in 2023 (share of global production).
07
Samsung Electronics’ semiconductor revenue exceeded US$69 billion in 2023 (semiconductor segment revenue amount).
08
LG Energy Solution booked KRW 8.5 trillion (about US$6.4B) in operating profit in 2023 (operating profit figure).
Interpretation
Trade & Manufacturing Interpretation
In 2023, Korea’s trade and manufacturing strength was underscored by a US$46.7 billion merchandise trade surplus and US$669.2 billion in exports, with semiconductors driving much of that momentum as they made up 19.8% of total exports.
More related reading
04 · Category
Digital & Consumer6 stats
01
The e-commerce market in South Korea reached KRW 174.2 trillion in 2023 (online retail sales volume).
02
Korea had 94% household internet penetration in 2023 (share of households with internet access).
03
Korea’s social media users reached 37.4 million in 2024 (number of social media users).
04
South Korea had 91% of individuals using the internet in 2023 (internet use by individuals).
05
Korea’s cloud services market reached US$6.9 billion in 2023 (public cloud services market size).
06
Korea’s cyber security spending reached US$9.2 billion in 2023 (security spending).
Interpretation
Digital & Consumer Interpretation
South Korea’s Digital and Consumer landscape is booming, with e-commerce hitting KRW 174.2 trillion in 2023 and widespread connectivity reflected in 94% household internet penetration in 2023 and 37.4 million social media users in 2024.
05 · Category
Energy & Environment5 stats
01
Korea generated 6.1 TWh from wind in 2023 (wind electricity generation).
02
Korea’s water withdrawal was 33.8 billion m³ in 2020 (total water withdrawals).
03
Korea’s waste recycling rate was 53.2% in 2022 (municipal waste recycling rate).
04
Korea’s electric vehicle sales were 120,000 in 2023 (EV sales volume).
05
Korea’s grid electricity losses were 7.7% in 2022 (technical and non-technical losses share of electricity input).
Interpretation
Energy & Environment Interpretation
Korea’s Energy and Environment picture in recent years shows momentum on low carbon power and cleaner transport, with wind generation rising to 6.1 TWh in 2023 and EV sales reaching 120,000 in 2023, even as efficiency and resource pressures remain visible in 7.7% grid electricity losses and 33.8 billion m³ of water withdrawals in 2020.
06 · Category
Research & Innovation1 stats
01
1.6% of GDP R&D performance (GERD) in South Korea in 2022 (gross domestic expenditure on R&D as a share of GDP)
Interpretation
Research & Innovation Interpretation
In 2022, South Korea invested 1.6% of GDP in research and development, underscoring its commitment to Research & Innovation through measurable, economy-wide spending.
report visual · Projection
Korea’s key economy and tech indicators
A snapshot of Korea’s recent economic performance and workforce/innovation metrics highlights both near-stagnation and strong investment in R&D and connectivity.
3.8 PERCENT
Start
-11.15%
CAGR · 2y
3 PERCENT
Projected
20232025
source-verifiedworldbank.org · oecd.org · stats.oecd.org · data.oecd.org2024
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
David Sutherland. (2026, February 13). Korea Industry Statistics. Gitnux. https://gitnux.org/korea-industry-statistics
MLA
David Sutherland. "Korea Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/korea-industry-statistics.
Chicago
David Sutherland. 2026. "Korea Industry Statistics." Gitnux. https://gitnux.org/korea-industry-statistics.
Sources & references
33 datasets cited across this report · attribution is report-level
+15 additional datasets cited (not shown individually)