Economic Essay 1

1017 Words Mar 13th, 2012 5 Pages
Economic Essay 1 Although the people of North and South Korea speak the same language, they have many different ideas and cultures that have developed after the two countries split apart. The market economy of South Korea has done a lot to improve the overall economy of the country, and the gross national product has been on the rise. The economy of North Korea has had many challenges, largely due to the self-reliant and closed economic system that they use. Overall, the government and economy of South Korea has been more prosperous and successful than North Korea. Much of this is due to the fact that in North Korea, they have a completely closed and centrally planned economic system which tends to inhibit their growth. The fact …show more content…
Export goods is minerals, metallurgical products, manufactures (including armaments), textiles, agricultural and fishery products. Main export partners is China 42%, South Korea 38% and India 5% (2008). Import goods is petroleum, coking coal, machinery and equipment, textiles and grain. Main import partners is China 57%, South Korea 25%, Russia 3% and Singapore 3% (2008). Gross external debt is $12.5 billion (2001 est.). For public finances, revenues is $2.88 billion and Expenses is $2.98 billion.
For the market economy system in South Korea, there are many type of statistics. GDP is PPP: $1.423 trillion (2010 est.), Nominal: $986.3 billion (2010 est.). GDP growth is 6.1% (2010). GDP per capita is PPP: $30,200 (2010 est.), Nominal: $20,265 (2010 est.). GDP by sector is agriculture (3.0%), industry (39.4%), services (57.6%) (2008 est.). Inflation (CPI) is 2.8% (2009 est.). Gini index is 31.3 (2007). Labour force is 24.37 million (2009 est.). Labour force by occupation is agriculture (7.2%), industry (25.1%), services (67.7%) (2008 est.). Unemployment is 3.7% (2009 est.). Main industries is electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing and treatment. Ease of Doing Business Rank is 16th. For external, Exports is $373.6 billion (2009). Export goods is semiconductors, wireless telecommunications
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