Global GDP Growth: Overview
Real GDP is computed using prices from the base year adjusted for inflation. A measure of economic growth, real GDP changes demonstrate whether the economic activity has increased or decreased. The US, China, Japan, Germany, and India have the top five economies in the world in terms of real GDP. With a value of $12.7 trillion, China had the second-largest real GDP behind the US in 2021. Japan ranked third globally with a $6 trillion real GDP during the same period. The next two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
South Korea Exports: Overview
According to Global Data, in 2021, the economy expanded by 4%, due to a boost from exports and investment.
According to Global Data, exports increased from $575.9 billion in 2020 to $604.4 billion in 2021, a growth of 4.9%. Exports are further forecast to reach $623.5 billion in 2022. According to the Ministry of Economy and Finance, exports of the country stood at $53.9 billion in February 2022, which rose to $63.5 billion in March 2022. The export market started to recover with the reopening of economies. More specifically, medical equipment and work-from-home accessories accounted for a larger portion of the export basket of the country.
South Korea was the fifth largest exporter of electrical machinery, equipment, and parts thereof in 2020, in the world. The country had a share of 5.8% in total world exports of electrical machinery, equipment, and parts thereof. The country was also the ninth largest exporter of machinery, mechanical appliances, nuclear reactors, and boilers in the world in 2020.
South Korea Exports as a % of GDP
Exports as a % of GDP of South Korea was 35.6% in 2021, while South Korea’s exports as a % of GDP decreased by 0.5% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in South Korea decreased by 25.7%. The indicator was highest in the year 2011 (51.4%), and lowest in the year 2021 (35.6%).
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