Top 100 firms contribute over 1,600 tln won to S. Korean economy in 2024
South Korea's top 100 companies contributed more than 1,600 trillion won (US$1.16 trillion) to the national economy in 2024, with Samsung Electronics Co. topping the list for the second consecutive year, a market tracker said Wednesday, Yonhap reports.
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.
CEO Score defines economic contribution as the total value generated for stakeholders through business operations, including payments to business partners, employees, the government (in the form of taxes), shareholders (dividends), creditors (interest) and society (donations).
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.
Earlier, it was reported that South Korea is set to spend 480 bln won on developing AI-related services in 2025.
