Question

In what economic sectors does South Korea demonstrate strength and growth?

Answer 1

After two years of stagnation in growth of GDP in South Korea's economy it showed a slight growth to 3.1% in 2017 and 2.8% in 2018, due to a rebound in consumption by households, real estate sector improvement and monetary and fiscal stimulus measures. In South Korea service sector is the fastest and largest economic sector, accounting for employing 70.3% of the active population and generating 52.8% of GDP, especially store chains, department stores, and supermarkets. Industry employs 24.8% of the workforce and generates represents 35.9% of the GDP. The main industries are car manufacturing, steel, textile, shipbuilding and electronics. Tthe country is the largest producer of semiconductors in the world.