Major Economic Sectors
According to the 2006 census, the agricultural sector accounts for 6.4% of the total GDP, while the industries sector contributes 26.4% to the country's GDP. The services sector accounted for the highest percentage of GDP which is 67.2%.
In comparison to the industrial and service sectors, agriculture remains the most slow-moving economic sectors in South Korea. In the beginning of the economic boom in 1963, the majority of South Koreans were farmers. However in the following years the country grew from a predominantly rural, agricultural nation into a highly urbanized and industrialized nation. The workforce of the agricultural sector declined to a meager 8.8%.
By the late 1980s, due to the rapid development, about half of South Korea's requirements of wheat and animal feed corn were imported. The chief agriculture products in South Korea are rice, barley, fruit, vegetables, cattle, pigs, chicken, fish and milk.
The industrial sector growth was the key stimulus to economic development in South Korea. The country's main industries include automobiles, electronics, steel products, semi-conductors, shipbuilding, and textiles. The industrial sector accounts for 19.1% of country's work force.
A recession in the economy of South Korea in the year 1989 prompted by a decrease in exports and foreign orders, became a cause of great concern in the industrial sector.
The services sector accounts for 67.2% of the country's GDP according to the 2006 census. The service industries include restaurants, hotels, laundries, insurance, public bath houses, health-related services, and entertainment businesses. In the mid-1980s, the retail trade was the country's largest employer in service sector.
Between the years 1997 and 2001 the percentage of the share in employment in services industries increased from 66% to 70% of the total workforce of the country.
This article provides an outline of the economy of South Korea. For more on South Korea, visit- 123independenceday.com