industry in south korea
The Korean industrial sector contributes to the country’s gross domestic product, as it constitutes nearly a quarter of its workforce. Industry sectors in Korea include: manufacturing, mining, construction, electricity, water, and gas. During the eighties, manufacturing industries were the main engine of economic progress; Where the industrial sector constituted 34% of the GDP in South Korea, and the manufacturing industries contributed 23% of it in 1980 AD, and this percentage rose to 25% from 39% in 1991 and 2014.
Mining activity has witnessed significant growth, although it is limited to a few minerals. South Korea is a leading country in the production of steel, cadmium, and zinc. The country also has small reserves of copper, gold, iron ore, lead, tin, and antimony. Silver and tungsten, but these local resources were not able to meet the demand from the industrial sector, which led to the emergence of the need to import mineral commodities from other countries to meet their needs.
The largest industries in South Korea
The largest industries in South Korea are: electronics, automobiles, communications, shipbuilding, and chemicals. Korea is among the largest manufacturers of electronic goods. Government support for South Korea has made it one of the most active markets in the field of communications and information technology. South Korea is a leading shipbuilder.
South Korea’s economy
South Korea is considered one of the richest countries in the world. It is the eleventh largest economy in the world; The country’s gross domestic product amounts to $1,377.87 billion, while its per capita GDP is about $27,221.52. It is noteworthy that, since the early sixties, South Korea has witnessed a remarkable development in the economy; As the country moved from a poor agricultural society to a global industrial country, it was helped by the development of export industries, and an abundance of skilled and educated labor, in addition to government support for it.
- ^ APT PRABLEEN BAJPAI (9-11-2015), “Emerging Markets: Analyzing South Korea’s GDP”, www.investopedia.com, Retrieved 10-3-2019. Edited.
- ↑ “South Korea GDP”, www.worldatlas.com,9-5-2017, Retrieved 2-4-2019. Edited.
- ↑ “South Korea”, www.britannica.com, Retrieved 2-4-2019. Edited.
industry in south korea