Part 458

Diplomatic representation from the US: chief of mission: Ambassador (vacant) embassy: 82 Sejong-Ro, Chongro-ku, Seoul mailing address: American Embassy, Unit 15550, APO AP 96205-0001 telephone : (2) 397-4114 FAX: (2) 738-8845 consulate(s): Pusan

Flag description: white with a red (top) and blue yin-yang symbol in the center; there is a different black trigram from the ancient I Ching (Book of Changes) in each corner of the white field

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.)

Industries: electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing

Industrial production growth rate: 11.9% (1995)

Electricity - capacity: 31.67 million kW (1994)

Electricity - production: 155.89 billion kWh (1994)

Electricity - consumption per capita: 3,563 kWh (1995 est.)

Agriculture - products: rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish catch of 2.9 million metric tons, seventh largest in world

Exports: total value : $130.9 billion (f.o.b., 1996) commodities: electronic and electrical equipment, machinery, steel, automobiles, ships; textiles, clothing, footwear; fish partners: US 17%, EU 13%, Japan 12%

Imports: total value: $150.2 billion (c.i.f., 1996) commodities : machinery, electronics and electronic equipment, oil, steel, transport equipment, textiles, organic chemicals, grains partners: US 22%, Japan 21%, EU 13%

Debt - external: $93 billion (1996 est.)

Economic aid: $NA

Currency: 1 South Korean won (W) = 100 chun (theoretical)

Exchange rates: South Korean won (W) per US$1 - 849.88 (January 1997), 804.45 (1996), 771.27 (1995), 803.45 (1994), 802.67 (1993), 780.65 (1992)

Fiscal year: calendar year

@Korea, South:Communications

Telephones: 16.6 million (1993)

Telephone system: excellent domestic and international services domestic: NA international: fiber-optic submarine cable to China; satellite earth stations - 3 Intelsat (2 Pacific Ocean and 1 Indian Ocean) and 1 Inmarsat (Pacific Ocean Region)