Too big to fail: Samsung Group accounts for 13% of Korea’s GDP in 2024

Samsung Group, the conglomerate that includes various business units that do everything from manufacturing smartphones to building ships, is critical to South Korea's economy. It has long remained one of the biggest drivers of the economy, and despite other highly successful conglomerates, Samsung continues to be a class above the rest.

Recent figures have shown that Samsung Group accounted for 13% of the country's entire GDP last year, while South Korea's top five conglomerates together accounted for 40% of the GDP in 2024.

Data released by the Fair Trade Commission shows, the Samsung Group had generated revenues worth 331 trillion won, roughly $237 billion, and remained top in the country's business sector last year. This meant that Samsung's sales alone made up 13% of South Korea's GDP for 2024.

Hyundai Motor Corp., one of the largest vehicle brands in South Korea and the world, came in second place quite a ways behind Samsung with its 279 trillion won in sales, accounting for 11% of the GDP. SK Hynix, an important Samsung rival in the high-bandwith memory space, came in third place with revenues of 20.5 trillion and an 8.1% share in the GDP.

South Korea's top conglomerates have an outsized influence on the country's GDP. A report mentions that the top five conglomerates in the country, Samsung, SK, Hyundai Motors, LG, and Lotte, together brought in 1025 trillion or $718 billion in revenues, and collectively made up for a whopping 40% of South Korea's total economic production last year.