South Korea’s top 100 companies contributed 1,238 trillion won ($945 billion) to the country’s economy in 2021, per a report published by the Korean business tracker company CEO Score. It puts Samsung Electronics as the largest economic contributor company for 2021.
The CEO Score tracker report, which included a study period from 2012-2021, is based on a review of revenue of the 100 biggest conglomerates’ economic contributions within the country’s top 500 companies, excluding public entities and financial firms. Economic contribution refers to business activities that add value to the country’s economic performance. As per the report, last year’s contribution by the top 100 conglomerates was 20 percent higher than 206.5 trillion won in 2012.
The top 100 firms contributed the most through their affiliates, with economic impact amounting to 1,008.3 trillion won ($770 billion). Employment contribution came second with 147.2 trillion won ($110 billion), followed by government-related activities with 45.8 trillion won ($35 billion), shareholders 25.9 trillion won ($20 billion), creditors 9.8 trillion won ($7.5 billion), and society 1.2 trillion won ($920 million). Over the past ten years, the economic contribution of these 100 companies has greatly expanded in the shareholder and government sectors.
Samsung Electronics is the top contributor to the Korean economy
Samsung Electronics was the largest contributor to Korea’s economy, with 160.2 trillion won ($120 billion), up 33.5 percent in nine years.
The second-largest contributor was Hyundai Motor, with 81.6 trillion won ($62 billion), up 40.7 percent over the same period. POSCO ranked third with 61.4 trillion won ($47 billion), Kia fourth with 56.5 trillion won ($43 billion), and LG Electronics fifth with 55.1 trillion won ($42 billion). Their economic contribution grew by 10.7 percent, 51.8 percent, and 36.2 percent, respectively.
The top five firms contributed 414.9 trillion won ($320 billion) to Korea’s 2021 economy, accounting for 33.5 percent of the total. By industry, the IT sector, including electronics manufacturers, contributed the most at 285.7 trillion won ($220 billion), owing largely to semiconductor chip makers and internet service providers. The figure is up 36.6 percent from nine years ago.
Second, came the automotive sector, including car parts makers, with their economic contribution totaling 194.3 trillion won ($150 billion), up 44.6 percent over the same period, followed by the steel sector with 111.5 trillion won, construction with 81 trillion won ($62 billion), and logistics service with 73.7 trillion won ($56 billion).
