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Major firms' economic contribution jumps 20 pct over past 9 years

All News 08:55 July 20, 2022

SEOUL, July 20 (Yonhap) -- Major companies in South Korea have seen their total economic contribution soar 20 percent over the past nine years thanks to their robust growth, a corporate tracker said Wednesday.

The value of economic contribution created by the country's top 100 firms by sales came to 1,238 trillion won (US$950 billion) last year, up 206.5 trillion won from 2012, according to CEO Score.

Economic contribution refers to the economic value of a corporation's business activities shared among such interested parties as partners, subcontractors, employees, the government, shareholders, creditors and society.

The leading firms' economic contribution created through partners and subcontractors was the largest at 1,008.3 trillion won, followed by employees with 147.2 trillion won and the government with 45.8 trillion won.

By industry, companies in the information technology, electric and electronics sector posted the largest economic contribution with 285.7 trillion won, followed by auto and auto parts makers with 194.3 trillion and steel firms with 111.5 trillion won.

The value of economic contribution created by the top five companies came to 414.9 trillion won in 2021, accounting for 33.5 percent of the total.

Global tech titan Samsung Electronics Co.'s economic contribution was by far the biggest at 160.2 trillion won last year, up 33.5 percent from nine years earlier.

Leading carmaker Hyundai Motor Co. came next with 81.6 trillion won, trailed by steel giant POSCO Holdings with 61.4 trillion won and No. 2 automaker Kia Corp. with 56.5 trillion won.

Corporate headquarters in central Seoul (Yonhap)


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