Data shows chaebols' combined sales account for 44.2% of Korea's GDP
- 6 years ago
It's well known that large, family-owned conglomerates dominate the Korean economy,... but recent data suggests their influence is increasing even more.
Our Choi Si-young tells us more.
Korea's economic dependence on chaebols, the country's family-owned conglomerates, is increasing... as data shows the combined sales of Korea's top 10 companies made up more than 44-percent of the country's gross domestic product last year.
Data released by industry tracker CEO Score on Wednesday shows the accumulated sales of chaebols amounted to 677-point-8-billion U.S. dollars in 2017.
The lion's share came from Korean tech giant Samsung Electronics, which alone accounted for nearly 15-percent of GDP with sales of 224-point-2-billion dollars... followed by automaker Hyundai Motor and Samsung's local rival LG Electronics.
The dominance of chaebols has increased over the years.
Sales by the top 10 companies made up a greater proportion of Korea's GDP in 2017 than in 2015, when the top-ten firms' combined sales made up around 41-and-a-half percent of GDP.
This trend is in a sharp contrast to the U.S. and Japan.
The top 10 companies in the U.S. account for about twelve percent of its national GDP; in Japan, the top ten firms make up about twenty-five percent.
Walmart and Toyota, the number one firms in the U.S. and Japan, only account for roughly three percent and six percent of their respective national GDPs.
Choi Si-young, Arirang News.
Our Choi Si-young tells us more.
Korea's economic dependence on chaebols, the country's family-owned conglomerates, is increasing... as data shows the combined sales of Korea's top 10 companies made up more than 44-percent of the country's gross domestic product last year.
Data released by industry tracker CEO Score on Wednesday shows the accumulated sales of chaebols amounted to 677-point-8-billion U.S. dollars in 2017.
The lion's share came from Korean tech giant Samsung Electronics, which alone accounted for nearly 15-percent of GDP with sales of 224-point-2-billion dollars... followed by automaker Hyundai Motor and Samsung's local rival LG Electronics.
The dominance of chaebols has increased over the years.
Sales by the top 10 companies made up a greater proportion of Korea's GDP in 2017 than in 2015, when the top-ten firms' combined sales made up around 41-and-a-half percent of GDP.
This trend is in a sharp contrast to the U.S. and Japan.
The top 10 companies in the U.S. account for about twelve percent of its national GDP; in Japan, the top ten firms make up about twenty-five percent.
Walmart and Toyota, the number one firms in the U.S. and Japan, only account for roughly three percent and six percent of their respective national GDPs.
Choi Si-young, Arirang News.