Sunday, March 7, 2010

Korea Republic of, Seoul Cost of Living January 2010

LOCATION: Republic of Korea is in Eastern Asia, in the southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea.

CAPITAL CITY: Seoul

LARGEST CITY: Seoul

CURRENCY: South Korean Won (KRW)

ECONOMY: South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy, largely through a system of close government and business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The economy constitutes moderate inflation, low unemployment, an export surplus, and fairly equal distribution of income. South Korea is one of the world's most technologically and scientifically advanced countries, it is a global leader in electronics, digital displays, semiconductor devices, mobile phones and high-tech gadgets, headed by the two chaebols, Samsung and LG. South Korea is also one of the world's largest steel producers, shipbuilders and car manufacturing nation. The major exports are electronics, automobiles, and machinery.

Seoul has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Seoul is currently ranked 25 overall, most expensive place in the world for expatriates to live, out of 276 international locations. The cost of living overview for each of the 13 Basket Groups is as follows:

Alcohol & Tobacco costs for alcoholic beverages such as alcohol at bar, beer, locally produced spirit, whiskey, and wine as well as tobacco products such as cigarettes is relatively more expensive compared to other cities with a rank of 3 out of 276.

Clothing costs for clothing and footwear products such as business suits, casual clothing, childrens clothing and footwear, coats and hats, evening wear, shoe repairs, and underwear is relatively more expensive compared to other cities with a rank of 37 out of 276.

Communication costs for various communication costs such as home telephone rental and call charges, internet connection and service provider fees, mobile / cellular phone contract and calls is equally expensive on average compared to other cities with a rank of 135 out of 276.

Education costs such as creche / pre-school fees, high school / college fees, primary school fees, and tertiary study fees is equally expensive on average compared to other cities with a rank of 145 out of 276.

Furniture & Appliance costs for furniture, household equipment and household appliances such as dvd player, fridge freezer, iron, kettle, toaster, microwave, light bulbs, television, vacuum cleaner, and washing machine is relatively more expensive compared to other cities with a rank of 75 out of 276.

Grocery costs for food, non-alcoholic beverages and cleaning material items such as baby consumables, baked goods, baking, canned foods, cheese, cleaning products, dairy, fresh fruits, fresh vegetables, fruit juices, meat, oil & vinegars, pet food, pre-prepared meals, sauces, seafood, snacks, soft drinks, spices & herbs is relatively more expensive compared to other cities with a rank of 8 out of 276.

Healthcare costs for general healthcare, medical and medical insurance such as general practitioner consultation rates, hospital private ward daily rate, non-prescription medicine, and private medical insurance / medical aid contributions is relatively more expensive compared to other cities with a rank of 19 out of 276.

Household costs for housing, water, electricity, household gas, household fuels, local rates and residential taxes such as house / flat mortgage, house / flat rental, household electricity consumption, household gas / fuel consumption, household water consumption, and local property rates / taxes / levies is relatively more expensive compared to other cities with a rank of 5 out of 276.

Miscellaneous costs related to stationary, linen and general goods and services such as domestic help, dry cleaning, linen, office supplies, newspapers and magazines, and postage stamps is equally expensive on average compared to other cities with a rank of 106 out of 276.

Personal Care costs for personal care products and services such as cosmetics, hair care, moisturizer / sun block, nappies, pain relief tablets, toilet paper, toothpaste, and soap / shampoo / conditioner is relatively less expensive compared to other cities with a rank of 245 out of 276.

Recreation and Culture costs such as books, camera film, cinema ticket, DVD and CDs, sports goods, and theatre tickets is equally expensive on average compared to other cities with a rank of 180 out of 276.

Restaurants, Meals Out and Hotel costs such as business dinner, dinner at a restaurant (non fast food), hotel rates, take away drinks and snacks (fast food) is relatively more expensive compared to other cities with a rank of 7 out of 276.

Transport costs for public transport, vehicle costs, vehicle fuel, vehicle insurance and vehicle maintenance such as hire purchase / lease of vehicle, petrol / diesel, public transport service maintenance, tires, vehicle Insurance, and vehicle purchase is relatively less expensive compared to other cities with a rank of 210 out of 276.

Your exact customized cost of living index for Seoul is based on which of the above basket groups as well as the comparison location you select in the Calculators.

In terms of the hardship people are likely to experience, assessed in global terms, Seoul is ranked as a high degree of hardship location with a hardship index of 30%.

Your exact customized hardship index premium for Seoul is based on the comparison location that you select in the Calculators.