S. Korea’s top 4 conglomerates take up 40 pct of GDP in 2023

South Korea's top four conglomerates accounted for more than 40 percent of the country's annual gross domestic product (GDP) in 2023, data showed Wednesday. The combined sales of the four family-controlled groups -- Samsung, SK, Hyundai Motor and LG -- reached 980.5 trillion won (US$729 billion) in 2023, accounting for 40.8 percent of the country's nominal GDP, Rep. Cha Gyu-geun of the minor Rebuilding Korea Party said, citing data from the Fair Trade Commission. The lawmaker highlighted that sales increased 25.2 percent from 783.4 trillion won in 2019, while the conglomerates' workforce grew only 7.9 percent during the same period, reaching 745,902 employees. Meanwhile, South Korea's top 30 business groups saw their combined sales reach 1,845 trillion won in 2023, making up 76.9 percent of the GDP. "Relying on a small number of chaebols will make the economy vulnerable, like putting all eggs in one basket," Cha said, criticizing the Yoon Suk Yeol government for offering more tax and financial support to conglomerates. Source: Yonhap News Agency