New York, San Francisco, and Seattle
US diplomatic representation:
chief of mission:
(vacant), Charge d'Affaires Raymond BURGHARDT
embassy:
82 Sejong-Ro, Chongro-ku, Seoul, AMEMB, Unit 15550
mailing address:
APO AP 96205-0001
telephone:
[82] (2) 732-2601 through 2618
FAX:
[82] (2) 738-8845
consulate:
Pusan
Flag:
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

*Korea, South, Economy

Overview:
The driving force behind the economy's dynamic growth has been the planned
development of an export-oriented economy in a vigorously entrepreneurial
society. Real GNP increased more than 10% annually between 1986 and 1991.
This growth ultimately led to an overheated situation characterized by a
tight labor market, strong inflationary pressures, and a rapidly rising
current account deficit. As a result, in 1992, focusing attention on slowing
the growth rate of inflation and reducing the deficit is leading to a
slow-down in growth. The economy remains the envy of the great majority of
the world's peoples.
National product:
GNP - purchasing power equivalent - $287 billion (1992 est.)
National product real growth rate:
5% (1992 est.)
National product per capita:
$6,500 (1992 est.)
Inflation rate (consumer prices):
4.5% (1992 est.)
Unemployment rate:
2.4% (1992 est.)
Budget:
revenues $48.4 billion; expenditures $48.4 billion, including capital
expenditures of $NA (1993)
Exports:
$76.8 billion (f.o.b., 1992)
commodities:
textiles, clothing, electronic and electrical equipment, footwear,
machinery, steel, automobiles, ships, fish
partners:
US 24%, Japan 15% (1992)
Imports:
$81.7 billion (c.i.f., 1992)
commodities:
machinery, electronics and electronic equipment, oil, steel, transport
equipment, textiles, organic chemicals, grains
partners:
Japan 24%, US 22% (1992)
External debt:
$42 billion (1992)
Industrial production:
growth rate 5.0% (1992 est.); accounts for about 45% of GNP
Electricity:
24,000,000 kW capacity; 105,000 million kWh produced, 2,380 kWh per capita
(1992)
Industries:
textiles, clothing, footwear, food processing, chemicals, steel,
electronics, automobile production, shipbuilding
Agriculture:
accounts for 8% of GNP and employs 21% of work force (including fishing and
for