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Key Points

South Korea's top 100 companies injected $1.16 trillion into the economy in 2024, led by Samsung's 7% growth. Hyundai and Kia saw double-digit boosts from supplier payments, while LG Energy faced a sharp 28% drop. The KOSPI rose 0.68% as tech shares rallied despite global tensions. These firms excluded financial institutions but represented 500 largest revenue generators.

Key Points: Samsung Leads as Top 100 S Korean Firms Add $1.16T to Economy

  • Samsung tops list with 7% growth to $114B
  • Hyundai Motor and Kia surge in supply chain payments
  • LG Energy posts steepest 28% annual decline
  • Top 10 firms include POSCO and LG Chem
2 min read

Top 100 S. Korean firms contribute over $1.16 trillion to economy in 2024

Samsung, Hyundai, and LG drive South Korea's economy with record $1.16 trillion contribution in 2024, per CEO Score data.

"Samsung Electronics' contribution rose 7% on-year to 157.5 trillion won — CEO Score"

Seoul, June 18

South Korea's top 100 companies contributed more than 1,600 trillion won ($1.16 trillion) to the national economy in 2024, with Samsung Electronics topping the list for the second consecutive year, a market tracker said on Wednesday.

Their combined economic contribution reached 1,615.2 trillion won, up 3.9 percent from 1,554.9 trillion won the previous year, according to CEO Score. Samsung Electronics' contribution rose 7 percent on-year to 157.5 trillion won.

The 100 companies are among the nation's 500 largest firms by revenue, excluding public enterprises and financial institutions, such as banks, insurers and securities firms, reports Yonhap news agency.

Total sales by the 100 firms rose 6.6 percent on-year to 2,122.4 trillion won, contributing to the overall increase in their economic contribution to Asia's fourth-largest economy.

Hyundai Motor Co. ranked second with a contribution of 115.2 trillion won, up 3.4 percent from a year earlier. Its affiliate Kia Corp. followed with 86.6 trillion won, a 17.2 percent on-year increase.

Rounding out the top 10 contributors were LG Electronics Inc., Hyundai Mobis Co., GS Caltex Corp., SK Energy Co., POSCO, Samsung C&T Corp. and LG Chem Ltd.

Kia posted the largest on-year increase in economic contribution, mainly due to higher payments to suppliers. In contrast, LG Energy Solution Ltd. recorded the steepest drop, falling 28.3 percent on-year to 19.2 trillion won.

Meanwhile, South Korean stocks traded higher late Wednesday morning, driven by the robust performance of market heavyweight Samsung Electronics and IT shares.

The benchmark Korea Composite Stock Price Index (KOSPI) added 20.07 points, or 0.68 percent, to 2,970.37 as of 11:20 a.m.

Overnight, Wall Street lost ground on news U.S. President Donald Trump called for Iran's "unconditional surrender" and warned people in Tehran to evacuate immediately.

Iran has been engaging in a military conflict with Israel after the latter conducted preemptive airstrikes on Iranian nuclear facilities earlier this week.

In Seoul, tech behemoth Samsung Electronics climbed 1.98 percent, while its chipmaking rival SK hynix shed 0.2 percent.

—IANS

- IANS

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Reader Comments

R
Rahul K.
Impressive numbers from South Korea! Their corporate giants like Samsung and Hyundai are showing how manufacturing and tech can drive an economy. India needs more such homegrown champions. Make in India should take notes from their playbook. 🇮🇳
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Priya M.
Samsung's contribution alone is bigger than some countries' GDP! 😲 But I wonder - does such corporate concentration create risks for their economy? We've seen chaebols dominate SK's economy for decades. India's more diversified approach might be better long-term.
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Arjun S.
Hyundai and Kia's performance is noteworthy. As an Indian car buyer, I see their quality improving every year. But our Tata and Mahindra are catching up fast in EVs! Hope to see Indian automakers in global top 10 soon. 🚗
S
Sunita R.
The KOSPI growth is impressive but concerning how much it depends on Samsung. In India, our stock markets have broader participation across sectors. Still, we must appreciate South Korea's economic discipline - from war-torn nation to tech powerhouse in decades!
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Vikram J.
Interesting to see LG Energy Solution's big drop while battery demand is growing. Maybe Indian companies like Amara Raja can fill some gaps in the supply chain. South Korea shows what's possible when government and corporations work together strategically.
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Neha P.
$1.16 trillion from just 100 companies is mind-blowing! But as an economics student, I wonder about income inequality in such concentrated economies. South Korea's model is successful but needs balance. India's diversity across MSMEs and large firms may prove more sustainable.

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