Capital City: Seoul
	It is %T:%M %A in Seoul

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Economic trends

South Korea has shown spectacular growth over the past 30 years (its per capita income was USD 100 in 1963 which is estimated to have exceeded USD 18,000 in 2006). South Korea is now the 11th largest economy in the world. However, the growth potential of the economy has fallen due to structural problems, underdeveloped financial markets, rising household debt and aging of the population. A general lack of regulatory transparency is also a key concern for foreign investors. Nevertheless, the GDP growth remains relatively high, recording a rate between 4 and 5% each year. Restructuring of Korean conglomerates ("chaebols") and creating a more liberalized economy with a mechanism for bankrupt firms to exit the market are important unfinished reform oriented tasks. Korean policy makers are increasingly worried about diversion of corporate investment to China and other lower wage countries.

Main branches of industry

The agricultural sector contributes 3.17% to the country's GDP. Rice is the main agricultural crop. Besides, barley, wheat, corn, soybeans, and grain sorghums are also extensively cultivated. Cattle-rearing is also done on a large scale. South Korea's mineral resources are mainly limited to gold and silver. Its main industrial activity sectors are textile, steel industry, automobile manufacturing, shipbuilding and electronics (South Korea is the largest producer of semiconductors in the world). The manufacturing sector contributes nearly 40% to the GDP while as the services sector contributes around 55%.

International trade

South Korean economy is strongly export oriented. It is a member of the OECD, APEC (Asia-Pacific Economic Cooperation) and WTO. Its top three import partners are: Japan, the U.S.A. and China. The country mainly imports mineral fuels & oils, electric & mechanical equipment & machinery, and iron & steel. Its top three export partners are: China, the U.S.A and Japan. Exports mainly consist of electrical and electronic goods, machinery, vehicles, and ships & boats.