GDP of South Korea: $1.7T in 2026 (IMF Data)

The South Korea Economy in 2026

South Korea is one of the most industrialised major economies, with manufacturing accounting for around 28 percent of GDP, the highest in the OECD. Samsung Electronics and SK Hynix together produce around 60 percent of global DRAM memory chips. Hyundai and Kia are the world's third-largest automotive group. Hanwha Ocean and HD Hyundai dominate global shipbuilding orderbooks alongside Chinese yards.

Exports represent around 44 percent of GDP, one of the highest ratios among large economies. China, the US, and Vietnam are the three largest export markets. The semiconductor industry alone contributes 15 to 20 percent of total exports and is highly cyclical, swinging Korean trade balances quickly with the global memory-chip price cycle.

Real GDP growth has slowed to around 2 percent on the back of demographic headwinds (Korea has the world's lowest fertility rate at around 0.7), elevated household debt, and competition from China in mid-tier industrial categories. The IMF projects +2.3 percent for 2026. Per-capita GDP at $33,300 is now broadly comparable to Italy and Japan.

Sector Composition

How South Korea's GDP breaks down by economic sector (approximate 2024 shares, source: World Bank national accounts).

Expenditure Components: C + I + G + (X-M)

Approximate shares of South Korea's GDP by spending category. Net exports are positive (trade surplus).

Note: Shares are calculated on an absolute basis for visual proportionality. Negative net exports reduce GDP rather than adding to it.

Historical GDP Trajectory

Source: IMF WEO April 2026 historical series, cross-referenced with World Bank Open Data. Nominal figures rounded to one decimal trillion. Real growth uses each country's national price deflator.

Top Exports

The goods and services South Korea sells abroad in the largest volumes, contributing to the (X) term in the GDP formula.

Sources

• IMF South Korea Country Page: primary source for nominal and PPP figures, WEO April 2026 dataset.
• World Bank Open Data: South Korea: historical series, cross-check on sector shares.
• Bank of Korea: official national accounts.
• IMF World Economic Outlook: the headline biannual cross-country dataset.

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