South Korea: GDP, constant dollars

For that indicator, we provide data for South Korea from 1960 to 2021. The average value for South Korea during that period was 603.7 billion U.S. dollars with a minimum of 25.7 billion U.S. dollars in 1960 and a maximum of 1693.6 billion U.S. dollars in 2021. The latest value from 2021 is 1693.6 billion U.S. dollars. For comparison, the world average in 2021 based on 184 countries is 464.6 billion U.S. dollars. See the global rankings for that indicator or use the country comparator to compare trends over time.

The GDP of South Korea and other countries is a measure of the size of the economy. It is the total market value of all goods and services produced on the territory of a country during a period of time, for example, during one year. We show GDP in constant dollars. In other words, we present the production levels of different years but evaluated using the prices of only one year. The objective is to compare the level of production across years, holding constant any price changes.

Definition: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant 2015 prices, expressed in U.S. dollars. Dollar figures for GDP are converted from domestic currencies using 2015 official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.