Korea’s online economy share in GDP records 2nd highest in world: report

South Korea’s online economy accounted for 7.3 percent, or $75 billion, of the nation’s gross domestic product (GDP) as of 2010, according to a report. The Korean online economy took a larger share in GDP than those of Japan and the US, and it is second only to the UK among the Group of 20 (G20) countries.

Korea’s online economy is expected to grow 7.4 percent on annual average for upcoming four years, according to global consulting firm Boston Consulting Group’s (BCG’s) report exclusively obtained by Maeil Business Newspaper Monday. The nation’s online economy-to-GDP ratio is forecast to expand to the eight percent level by 2016 and the economy will amount to $114 billion in size, the report projected.

BCG made the first attempt to systematically calculate sizes of G20 countries’ online economy adopting uniformed standards and methodologies. By industry, the ratio of the online economy to Korea’s GDP is fifth largest after Korea’s manufacturing industry (30.6 percent), services in public and private sectors (18 percent), real estate, and the distribution/hotel sector. The online economy took larger share in GDP than those of the financial service/ insurance sector and the construction industry in Korea.

For full article see Maeil Business.