Published: Monday, 21th October 2024
In this page, you will find a detailed guide on the standard of living in South Korea, covering various aspects such as economy, health system factors, environment, import-export, taxes and finances.
 Indicators  | South Korea  |
|---|---|
Gross Domestic Product (GDP) (2023)  | $1.761 trillion USD |
GDP Per Capita (2023)  | 34,165 USD |
GINI Ratio (2023)  | 0.33 |
Inflation on Consumer Prices (2023)  | 3.59 % anually |
Central Government Debt (2023)  | 51.2 % of GDP |
Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country in a specific time period, usually a year. It is used to gauge the economic performance of a country and indicates how wealthy and productive a nation is. In simple terms, GDP tells us how much a country is producing and how well its economy is doing.
As per the statistics from the World Bank Data for the year 2023, the total GDP of South Korea is $1.761 trillion USD.
On the other hand, Gross Domestic Product (GDP) Per Capita is the average economic output per person in a country. Simply put, it shows how much, on average, each person contributes to the economy, giving an idea of the standard of living and economic well-being of the people in that country.
Indicators | South Korea |
|---|---|
Human Development Index (HDI) (2023)  | 0.929 |
Human Capital Index (HCI) (2023)  | 0.8 |
Literacy Rate (2023)  | 98.8% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 83.5 years |
Healthy Life Expectancy Ratio (2023)  | 74.5 years |
Poverty Ratio (2023)  | Yet to Update |
Unemployment Rate (2023)  | 2.64% of total labor force |
The Human Development Index (HDI) is a measure used to assess the overall well-being and quality of life of people living in a country. The key dimensions that give a country good HDI rank are a long and healthy life, being knowledgeable and having a decent standard of living. This is expressed as a value between 0 and 1. The higher a country's human development, the higher its HDI value.
Indicators | South Korea |
|---|---|
Gross National Expenditure (2023)  | 99.96% of GDP |
Total Health Expenditure (2023)  | 8.3% of GDP |
Research and Development Expenditure (2023)  | 4.93% of GDP |
Government Expenditure on Education (2023)  | 5.4% of GDP |
International Tourism Expenditure (2023)  | 16,705 million USD |
Number of International Tourists Arrivals (2023)  | Yet to Update |
Military Expenditure (2023)  | 2.72% of GDP |
Indicators | South Korea |
|---|---|
Number of Doctors (2023)  | 2.4 (Per 10,000 People) |
Number of Nurses (2023)  | 10.2 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.7 (Per 10,000 People) |
Available Hospital Beds (2023)  | 12.43 (Per 10,000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | Yet to Update |
Indicators | South Korea |
|---|---|
Agricultural Land (2023)  | 16,030 sq km |
Forest Area (2023)  | 62,770 sq km |
CO2 Emissions (2023)  | 0.24 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100% of total Population |
Access to Internet (2023)  | 97.17% of total Population |
Annual Fresh Water Withdrawals (2023)  | 29.2 Billion cubic meters |
100% of the total Population of South Korea has access to the electricity in their homes.
97.17% of the total Population of South Korea has access to the Internet.
Indicators | South Korea |
|---|---|
Time Required to Start a Business (2023)  | 8 Days |
New Businesses Registered (2023)  | 113,180 (New Businesses) |
New Businesses Registration Density (2023)  | 3.09 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 14.6% of GNI Per Capita |
In the year 2023, 113,180 new businesses got registered in South Korea.
It usually takes 8 days in South Korea to register a new business legally and systematically.
Indicators | South Korea |
|---|---|
Imports of Goods and Services (2023)  | 43.94% of GDP |
Total Fuel Imports (2023)  | 29.9% of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 314.64 USD |
Time to Import Border Compliance (2023)  | 6 Hours |
Cost to Import Documentary Compliance (2023)  | 26.75 USD |
Time to Import Documentary Compliance (2023)  | 1 Hour |
Indicators | South Korea |
|---|---|
Exports of Goods and Services (2023)  | 44% of GDP |
Total Fuel Exports (2023)  | 9.47% of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 184.72 USD |
Time to Export Border Compliance (2023)  | 13.38 Hours |
Cost to Export Documentary Compliance (2023)  | 11.10 USD |
Time to Export Documentary Compliance (2023)  | 1 Hour |
Indicators | South Korea |
|---|---|
Gross National Savings (2023)  | 33.77% of GDP |
Tax Revenue (2023)  | 18.44% of GDP |
Taxes on Exports (2023)  | Yet to Update |
Taxes on Goods and Services (2023)  | 16.89% of Tax Revenue |
Taxes on International Trade (2023)  | 1.4% of Revenue |
Time to Prepare and Pay Taxes (2023)  | 174 Hours |
Customs and Other Import Duties (2023)  | 2.46% of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living in South Korea.
If you wish to compare South Korea with other Countries, States and Cities in the world, you can use the search box above or click the links below.
The Comparedoo.com family sincerely appreciates your time with us. We look forward to seeing you on our other pages.
