South Korea’s quarterly GDP declined 1.4 percent in the three months to March 2020, falling steeply after increasing 1.3 percent in the prior period but modestly beating expectations of 1.5 percent contraction. It was the sharpest drop since the last quarter of 2008, dragged by services (-2 percent vs 0.8 percent in Q4) and manufacturing (-1.8 percent vs 1.6 percent). Also, construction slowed sharply (0.3 percent vs 5.6 percent), while primary activity barely grew (0.1 percent vs 1.4). In contrast, shutdowns nudged utilities higher (5.7 percent vs 4.2 percent). On an annual basis, GDP expanded 1.3 percent.

GDP Growth Rate in South Korea averaged 1.78 percent from 1960 until 2019, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7 percent in the first quarter of 1998. This page provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: The Bank of Korea

GDP Growth Rate in South Korea is expected to be 0.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in South Korea to stand at 1.00 in 12 months time. In the long-term, the South Korea GDP Growth Rate is projected to trend around 1.00 percent in 2021, according to our econometric models.

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South Korea GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.40 0.40 7.80 -7.00 1960 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-02 11:00 PM QoQ Final Q3 0.4% 1% 0.4% 0.4%
2020-01-21 11:00 PM QoQ Adv Q4 1.2% 0.4% 0.8% 0.6%
2020-03-02 11:00 PM QoQ Final Q4 1.3% 0.4% 1.2%
2020-04-22 11:00 PM QoQ Adv Q1 -1.4% 1.3% -1.5% -1.5%
2020-06-01 11:00 PM QoQ Final Q1 1.3% -1.4%
2020-07-22 11:00 PM QoQ Adv Q2 -1.4% 0.9%
2020-08-31 11:00 PM QoQ Final Q2 0.9%
2020-10-26 11:00 PM QoQ Adv Q3 0.8%


News Stream
South Korea GDP Shrinks 1.4% QoQ
South Korea’s quarterly GDP declined 1.4 percent in the three months to March 2020, falling steeply after increasing 1.3 percent in the prior period but modestly beating expectations of 1.5 percent contraction. It was the sharpest drop since the last quarter of 2008, dragged by services (-2 percent vs 0.8 percent in Q4) and manufacturing (-1.8 percent vs 1.6 percent). Also, construction slowed sharply (0.3 percent vs 5.6 percent), while primary activity barely grew (0.1 percent vs 1.4). In contrast, shutdowns nudged utilities higher (5.7 percent vs 4.2 percent). On an annual basis, GDP expanded 1.3 percent.
2020-04-22
South Korea GDP Growth Revised Upwardly
South Korea’s quarterly GDP growth increased to 1.3 percent in the three months to December 2019, accelerating from 0.4 percent in the previous quarter and beating the advance estimate of 1.2 percent. It was the strongest growth rate since the third quarter of 2017, as utilities (4.2 percent vs -13.6 percent in Q3) and construction (5.6 percent vs -4.9 percent) rebounded sharply. Additionally, output rose further in agriculture, forestry & fishing (1.4 percent vs 0.6 percent) and services (0.8 percent vs 0.6 percent). Meanwhile, manufacturing output went up 1.6 percent, slowing from a 2.4 percent in the prior period.
2020-03-02
South Korea Q4 GDP Growth at Over 2-Year High
South Korea’s quarterly GDP growth increased to 1.2 percent in the three months to December 2019, accelerating from 0.4 percent in the previous quarter and beating market expectations of a 0.8 percent expansion. It was the strongest growth rate since the third quarter of 2017, as utilities (3.9 percent vs -13.6 percent in Q3) and construction (4.9 percent vs -4.9 percent) rebounded. Additionally, output rose further in agriculture, forestry & fishing (2.2 percent vs 0.6 percent) and services (0.7 percent vs 0.6 percent). Meanwhile, manufacturing output went up 1.6 percent, slowing from a 2.4 percent in the prior period.
2020-01-21
South Korea GDP Growth Confirmed at 0.4%
South Korea’s quarterly GDP growth was confirmed at 0.4 percent in the three months to September 2019, easing from 1.0 percent in the previous quarter, due to a slower rise in services and sharp declines in utilities and construction. On the expenditure side, household consumption and government spending grew less while fixed investment shrank.
2019-12-02

South Korea GDP Growth Rate
South Korea has an export oriented economy and is the world's leading producer of displays and memory semiconductors and the second largest producer of ships. Services account for the highest percentage of GDP (around 57 percent of GDP). Within services the most important ones are public administration (6 percent ); education (5.3 percent); information and communication (5 percent); and business activities (4.6 percent of GDP). A strong manufacturing industry which has turned South Korea into a major exporter accounts for 32 percent of GDP.