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NAVIGATION
Republic of Korea
South Korea
Taehan-min'guk
note: the South Koreans generally use the term "Han-guk" to refer to their country
GOVERNMENT
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Country name:
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conventional long form: Republic of Korea
conventional short form: South Korea local short form: none note: the South Koreans generally use the term "Han'guk" to refer to their country local long form: Taehan-min'guk abbreviation: ROK |
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Government type:
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republic |
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Capital:
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Seoul |
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Administrative divisions:
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9 provinces (do, singular and plural) and 7 metropolitan cities* (gwangyoksi, singular and plural); Cheju-do, Cholla-bukto, Cholla-namdo, Ch'ungch'ong-bukto, Ch'ungch'ong-namdo, Inch'on-gwangyoksi*, Kangwon-do, Kwangju-gwangyoksi*, Kyonggi-do, Kyongsang-bukto, Kyongsang-namdo, Pusan-gwangyoksi*, Soul-t'ukpyolsi*, Taegu-gwangyoksi*, Taejon-gwangyoksi*, Ulsan-gwangyoksi* |
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Independence:
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15 August 1945 (from Japan) |
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National holiday:
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Liberation Day, 15 August (1945) |
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Constitution:
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17 July 1948 |
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Legal system:
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combines elements of continental European civil law systems, Anglo-American law, and Chinese classical thought |
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Suffrage:
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20 years of age; universal |
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Executive branch:
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chief of state: President NO Muh-hyun (since 25 February 2003)
head of government: Prime Minister KO Kun (since 27 February 2003); Deputy Prime Minister KIM Chin-p'yo (since 27 February 2003) cabinet: State Council appointed by the president on the prime minister's recommendation elections: president elected by popular vote for a single five-year term; election last held 19 December 2002 (next to be held NA December 2007); prime minister appointed by the president; deputy prime ministers appointed by the president on the prime minister's recommendation election results: results of the 19 December 2002 election - NO Muh-hyun elected president, took office 25 February 2003; percent of vote - NO Muh-hyun (MDP) 48.9%; YI Hoe-ch'ang (GNP) 46.6%; other 4.5% |
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Legislative branch:
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unicameral National Assembly or Kukhoe (273 seats total - 227 elected by direct, popular vote; members serve four-year terms); note - beginning in 2004, all members will be directly elected; possible redistricting before 2004 may affect the number of seats in the National Assembly
elections: last held 13 April 2000 (next to be held NA April 2004) election results: percent of vote by party - NA%; seats by party - GNP 133, MDP 115, ULD 17, other 8; note - the distribution of seats as of April 2003 was: GNP 153, MDP 101, ULD 11, DPP 1, PPR 1, independents 5; one seat vacant |
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Judicial branch:
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Supreme Court (justices are appointed by the president with the consent of the National Assembly) |
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Political parties and leaders:
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Democratic People's Party or DPP [leader NA]; Grand National Party or GNP [PAK Hui-t'ae, chairman]; Millennium Democratic Party or MDP [CHONG Tae-ch'ol, chairman]; People's Party for Reform or PPR [KIM Won-ung, chairman]; United Liberal Democrats or ULD [KIM Chong-p'il, president] |
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Political pressure groups and leaders:
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Federation of Korean Industries; Federation of Korean Trade Unions; Korean Confederation of Trade Unions; Korean National Council of Churches; Korean Traders Association; Korean Veterans' Association; National Council of Labor Unions; National Democratic Alliance of Korea; National Federation of Farmers' Associations; National Federation of Student Associations |
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International organization participation:
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AfDB, APEC, ARF (dialogue partner), AsDB, ASEAN (dialogue partner), Australia Group, BIS, CP, EBRD, ESCAP, FAO, IAEA, IBRD, ICAO, ICC, ICCt, ICFTU, ICRM, IDA, IEA, IEA (observer), IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, ISO, ITU, MINURSO, NAM (guest), NEA, NSG, OAS (observer), OECD, OPCW, OSCE (partner), PCA, UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNMISET, UNMOGIP, UNOMIG, UNU, UPU, WCL, WCO, WHO, WIPO, WMO, WToO, WTrO, ZC |
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Diplomatic representation in the US:
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chief of mission: Ambassador HAN Sung-chu
consulate(s): New York, Tamuning (Guam) consulate(s) general: Atlanta, Boston, Chicago, Honolulu, Houston, Los Angeles, New York, San Francisco, and Seattle FAX: [1] (202) 387-0205 telephone: [1] (202) 939-5600 chancery: 2450 Massachusetts Avenue NW, Washington, DC 20008 |
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Diplomatic representation from the US:
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chief of mission: Ambassador Thomas C. HUBBARD
embassy: 82 Sejong-ro, Chongro-ku, Seoul 110-710 mailing address: American Embassy, Unit 15550, APO AP 96205-0001 telephone: [82] (2) 397-4114 FAX: [82] (2) 738-8845 |
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Flag description:
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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
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Economy - overview:
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As one of the Four Tigers of East Asia, South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy. Three decades ago GDP per capita was comparable with levels in the poorer countries of Africa and Asia. Today its GDP per capita is roughly 20 times North Korea's and equal to the lesser economies of the European Union. This success through the late 1980s was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997-99 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. Growth plunged by 6.6% in 1998, then strongly recovered to 10.8% in 1999 and 9.2% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms had stalled. Led by consumer spending and exports, growth in 2002 was an impressive 6.2%, despite anemic global growth. |
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GDP:
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purchasing power parity - $931 billion (2002 est.) |
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GDP - real growth rate:
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6.2% (2002 est.) |
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GDP - per capita:
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purchasing power parity - $19,400 (2002 est.) |
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GDP - composition by sector:
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agriculture: 4.4%
industry: 41.6% services: 54% (2002 est.) |
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Population below poverty line:
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4% (2001 est.) |
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Household income or consumption by percentage share:
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lowest 10%: 2.6%
highest 10%: 24.8% (1998 est.) |
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Distribution of family income - Gini index:
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31.6 (1993) |
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Inflation rate (consumer prices):
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2.8% (2002 est.) |
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Labor force:
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22 million (2001) |
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Labor force - by occupation:
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services 69%, industry 21.5%, agriculture 9.5% (2001) |
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Unemployment rate:
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3.1% (2002 est.) |
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Budget:
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revenues: $118.1 billion
expenditures: $95.7 billion, including capital expenditures of $22.6 billion (2000) |
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Industries:
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electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing |
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Industrial production growth rate:
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6.5% (2002 est.) |
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Electricity - production:
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290.7 billion kWh (2001) |
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Electricity - production by source:
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fossil fuel: 62.4%
hydro: 0.8% other: 0.2% (2001) nuclear: 36.6% |
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Electricity - consumption:
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270.3 billion kWh (2001) |
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Electricity - exports:
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0 kWh (2001) |
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Electricity - imports:
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0 kWh (2001) |
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Oil - production:
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0 bbl/day (2001 est.) |
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Oil - consumption:
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2.14 million bbl/day (2001 est.) |
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Oil - exports:
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804,700 bbl/day (2001) |
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Oil - imports:
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2.965 million bbl/day (2001) |
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Agriculture - products:
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rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish |
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Exports:
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$162.6 billion f.o.b. (2002 est.) |
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Exports - commodities:
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electronic products, machinery and equipment, motor vehicles, steel, ships; textiles, clothing, footwear; fish |
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Exports - partners:
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US 20.2%, China 14.6%, Japan 9.3%, Hong Kong 6.2%, Taiwan 4.1% (2002) |
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Imports:
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$148.4 billion f.o.b. (2002 est.) |
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Imports - commodities:
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machinery, electronics and electronic equipment, oil, steel, transport equipment, textiles, organic chemicals, grains |
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Imports - partners:
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Japan 19.5%, US 14.9%, China 10.9%, Saudi Arabia 5.0%, Australia 3.9% (2002) |
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Debt - external:
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$135.2 billion (2001) |
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Currency:
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South Korean won (KRW) |
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Currency code:
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KRW |
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Exchange rates:
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South Korean won per US dollar - 1,251.09 (2002), 1,290.99 (2001), 1,130.96 (2000), 1,188.82 (1999), 1,401.44 (1998) |
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Fiscal year:
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calendar year |