Gross Domestic Product

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Gross Domestic Product

 

Korea's gross domestic product (GDP) in 2004 increased to US$679.9 billion from US$605.7 billion in 2002, recording a 4.6 percent growth rate. Though recent domestic consumption has been some-what sluggish (1.4 percent less compared to the previous year), exports have shown a remarkable growth of 38.3 percent from the previous year as of the end of the year 2004. This surge placed Korea as the 10th largest economy in the world at the end of 2004, with a per capita GDP of US$14,105, up markedly from the US$13,638 of 2003.

At US$11,733.5 billion, the United States recorded the world's largest GDP in 2004, followed by Japan (US$4,668 bil.) and Germany (US$2.7 tril.). Korea's 4.6 percent economic growth rate was indicative of a healthy economic performance at a reasonably competitive level with many of the developed countries; for example, the United States (4.4 percent), Japan (2.6 percent), France (2.1 percent), Britain (3.2 percent) and Germany (1.6 percent).

 

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