Key Facts About Korea

The Korean economy is expected to grow at a rate of 2.0% in 2026. The expected growth is driven by a recovery in semiconductor exports, private consumption, and investments in AI. On this page, you can identify macro and micro information regarding the Korean economy.

General

SeoulCapital
100,210 km²Area
KoreanLanguage
Presidential RepublicGovernment
KRWCurrency

Demographics

51.60MPopulation
(2025)
0.75Fertility Rate
(2024)

Life Expectancy

80.8Men
(2024)
86.6Women
(2024)
83.7Total
(2024)

GDP

$36,000GDP per Capita
(2024)
$1,860BilTotal GDP
(2024)

Foreign Trade

$632BilTotal Imports
(2025)
$710BilTotal Exports
(2025)
$78BilTrade Balance
(2025)

Employment

2.20%Unemployment
(Nov. 2025)
₩4.203MilAvg. Monthly Salary
(2025)
₩2.15MilMin. Monthly Salary
(2026)
₩10,320Min. Hourly Wage
(2026)

Taxes (2026)

Value Added Tax (VAT): 10%

Individual Income Tax Rates

  • Up to KRW 14M6%
  • KRW 14M – KRW 50M15%
  • KRW 50M – KRW 88M24%
  • KRW 88M – KRW 150M35%
  • KRW 150M – KRW 300M38%
  • KRW 300M – KRW 500M40%
  • KRW 500M – KRW 1B42%
  • Over KRW 1B45%

*Does not include local tax of 10% of the tax amount

Corporate Income Tax Rates

  • Up to KRW 200M9%
  • KRW 200M – KRW 20B19%
  • KRW 20B – KRW 300B21%
  • Over KRW 300B24%

*Does not include local tax of 10% of the tax amount

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