South Korea Economic Profile

Key Facts

$1.2 trillion (2011 estimate), ranked 13th in the world
Exchange rate: 1163.3886 (rate in currency units per U.S. dollar)
Inflation rate: 4 percent
Budget: $268 billion (revenues), $242 billion (expenditures)
Budget Deficit: 2.2 % of GDP
Unemployment: 3.4%
Foreign Direct Investment: $4.7 billion (in US dollars)
Sources: Federal Reserve, CIA Factbook, Organization for Economic Cooperation and Development (OECD), U.S. State Department

Market Data

Central Bank:
Bank of Korea
S&P: A/Stable
Moody's: A1/Positive
Fitch: A+/Stable
International Reserves: $198,554.071 (in millions of dollars)
Source: IMF

Importing & Exporting

Top Import Markets:
China, Japan, U.S., Saudi Arabia, Australia (2009)
Top Export Markets: China, U.S., Japan, Hong Kong (2010)
Top Imports: Machinery, Electronics, Oil, Steel, Transport Equipment (2010)
Top Exports: Semiconductors, Wireless Telecommunications Equipment, Motor Vehicles, Computers, Steel (2010)
Balance of Trade: $29.79 billion (2011 est.)
Source: CIA Factbook

Government and Legal

Form of Government:
Republic with powers nominally shared among the executive, legislature, and judiciary, but traditionally dominated by the president. As defined by the U.S. Department of State, South Korea uses a system of checks and balances.
Legal System: Mixed legal system combining European civil law, Anglo-American law, and Chinese classical thought
Sources: U.S. State Department, CIA Factbook