Economy of Seoul

Economy of Seoul
	Downtown Seoul Gangnam Yeouido Outlook of three major business districts in Seoul
Statistics
Population	9,501,528 (2021)
GDP	₩486 trillion (nominal; 2021)
GDP rank	2nd (nominal; 2022)
GDP growth	3.4% (2021)
GDP per capita	US$43,404 (nominal; 2021)
GDP per capita rank	3rd (nominal; 2021)
Average gross salary	₩26.61 million (nominal; 2022)
Public finances
Budget balance	₩4.4 trillion (operating; 2019)
Revenues	₩30.6 trillion (operating; 2019)
Expenses	₩26.1 trillion (operating; 2019)
Credit rating	AA by S&P (2019)

Seoul, the capital of South Korea, is home to giant business groups such as Hyundai, SK, LG, Hanhwa, GS, KB, CJ and Samsung, ranking fifth in global city GDP and second in Asian city GDP.^[5] The service sector accounts for the largest portion of the city's labor force. As the center of the country's finance, Seoul is concentrated in Yeouido, where the headquarters of major stock exchanges and banks are located. The city holds many annual trade fairs.^[6]

According to the Union of International Associations, Seoul is the city that hosts the most international conferences in Asia. Seoul's global financial competitiveness ranked 10th out of 130 cities.^[7]

^ ^a ^b "Seoul's GRDP per capita surpasses $40,000 in 2021, up 3.4% YoY". english.seoul.go.kr. Seoul Metropolitan Government. 27 December 2023. Retrieved 22 March 2024.
^ ^a ^b Oh, Seok-min (22 December 2023). "Regional GDP climbs 3.9 pct in 2022 on rising manufacturing sector". Yonhap News. Seoul, South Korea. Retrieved 22 March 2024.
^ 김, 기훈 (21 December 2023). "2021년 서울 1인당 GRDP 4만달러 돌파… 전년대비 3.4%↑" [In 2021, Seoul's regional GDP per capita pass over 40,000 USD… 3.4% YoY↑]. Yonhap News (in Korean). Seoul, South Korea. Retrieved 22 March 2024.
^ ^a ^b ^c ^d "Seoul Metropolitan Government 'AA/A-1+' Ratings Affirmed; Outlook Stable". disclosure.spglobal.com. Standard & Poor's. 27 August 2020. Retrieved 22 March 2024.
^ "Richest Cities In The World 2023". New Trader University.
^ "Economy of Seoul". Britannica. 20 March 2024.
^ "Seoul at a Glance". Invest Seoul.

[smgo-1] "Seoul's GRDP per capita surpasses $40,000 in 2021, up 3.4% YoY". english.seoul.go.kr. Seoul Metropolitan Government. 27 December 2023. Retrieved 22 March 2024.

[yonh-2] Oh, Seok-min (22 December 2023). "Regional GDP climbs 3.9 pct in 2022 on rising manufacturing sector". Yonhap News. Seoul, South Korea. Retrieved 22 March 2024.

[3] 김, 기훈 (21 December 2023). "2021년 서울 1인당 GRDP 4만달러 돌파… 전년대비 3.4%↑" [In 2021, Seoul's regional GDP per capita pass over 40,000 USD… 3.4% YoY↑]. Yonhap News (in Korean). Seoul, South Korea. Retrieved 22 March 2024.

[snp-4] "Seoul Metropolitan Government 'AA/A-1+' Ratings Affirmed; Outlook Stable". disclosure.spglobal.com. Standard & Poor's. 27 August 2020. Retrieved 22 March 2024.

[:0-5] "Richest Cities In The World 2023". New Trader University.

[:1-6] "Economy of Seoul". Britannica. 20 March 2024.

[7] "Seoul at a Glance". Invest Seoul.

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Statistics
Downtown Seoul Gangnam Yeouido Outlook of three major business districts in Seoul
Population	9,501,528 (2021)^[1]
GDP	₩486 trillion (nominal; 2021)^[2]
GDP rank	2nd (nominal; 2022)
GDP growth	3.4% (2021)^[3]
GDP per capita	US$43,404 (nominal; 2021)^[1]
GDP per capita rank	3rd (nominal; 2021)
Average gross salary	₩26.61 million (nominal; 2022)^[2]
Public finances
Budget balance	₩4.4 trillion (operating; 2019)^[4]
Revenues	₩30.6 trillion (operating; 2019)^[4]
Expenses	₩26.1 trillion (operating; 2019)^[4]
Credit rating	AA by S&P (2019)^[4]