What Impact Do the Top 100 S. Korean Firms Have on the Economy in 2024?
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Synopsis
Discover how South Korea's top 100 companies significantly impacted the economy in 2024, contributing over $1.16 trillion. With Samsung Electronics leading the way for the second year, this article provides insights into the growth trends and economic contributions of these corporate giants.
Key Takeaways
- Top 100 companies contributed over $1.16 trillion to the economy.
- Samsung Electronics remains a leader for the second year.
- Overall sales increased by 6.6 percent.
- Kia Corp. posted the largest growth in contributions.
- Geopolitical tensions influenced market performance.
Seoul, June 18 (NationPress) The leading 100 companies in South Korea made a significant impact on the national economy, contributing over 1,600 trillion won (approximately $1.16 trillion) in 2024. This marks the second consecutive year that Samsung Electronics has taken the top spot, according to a market analysis released on Wednesday.
The total economic contribution from these firms reached 1,615.2 trillion won, reflecting a growth of 3.9 percent compared to 1,554.9 trillion won in the previous year, as reported by CEO Score. Samsung Electronics particularly saw a 7 percent increase in its contribution, amounting to 157.5 trillion won.
This group of 100 companies is part of the nation’s top 500 firms by revenue, excluding public enterprises and financial institutions like banks, insurers, and securities firms, as per Yonhap News Agency.
Total sales for these companies surged by 6.6 percent year-on-year to reach 2,122.4 trillion won, which played a key role in their economic contribution growth to Asia's fourth-largest economy.
Hyundai Motor Co. secured the second position with a contribution of 115.2 trillion won, an increase of 3.4 percent from the previous year. Its sibling company, Kia Corp., followed closely with 86.6 trillion won, marking a robust 17.2 percent year-on-year growth.
The top ten contributors also included LG Electronics Inc., Hyundai Mobis Co., GS Caltex Corp., SK Energy Co., POSCO, Samsung C&T Corp., and LG Chem Ltd.
Kia achieved the highest year-on-year increase in economic contribution largely due to improved payments to suppliers. In contrast, LG Energy Solution Ltd. experienced a significant decline, dropping 28.3 percent from the previous year to 19.2 trillion won.
On another note, South Korean stocks saw an uptick late Wednesday morning, buoyed by the strong performance of Samsung Electronics and technology stocks.
The benchmark Korea Composite Stock Price Index (KOSPI) rose by 20.07 points, or 0.68 percent, reaching 2,970.37 as of 11:20 a.m.
In global markets, Wall Street faced declines following comments from U.S. President Donald Trump regarding Iran's military situation, prompting concerns.
In the midst of geopolitical tensions, Samsung Electronics enjoyed a rise of 1.98 percent, while its competitor SK Hynix saw a slight drop of 0.2 percent.
Point of View
It's crucial to acknowledge the profound impact that South Korea's top firms have on the national economy. The reported growth in contributions is a testament to the resilience and innovation within these companies, showcasing their ability to adapt and thrive amid global challenges. Our nation should continue to support these giants, as their success translates directly into economic stability and growth for South Korea.
NationPress
18/06/2025
Frequently Asked Questions
What was the total economic contribution of South Korea's top companies in 2024?
In 2024, the top 100 companies in South Korea contributed over 1,600 trillion won, which is approximately $1.16 trillion.
Which company topped the list of contributions?
Samsung Electronics led the list of contributions for the second consecutive year.
How much did Hyundai Motor Co. contribute?
Hyundai Motor Co. contributed 115.2 trillion won, marking a 3.4 percent increase from the previous year.
What was the overall sales increase of the top 100 firms?
Total sales for the top 100 firms rose by 6.6 percent year-on-year to reach 2,122.4 trillion won.
Which company experienced the largest decline in contribution?
LG Energy Solution Ltd. recorded the steepest drop, falling 28.3 percent year-on-year to 19.2 trillion won.
