hanges) 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 ele