South Korea’s GDP shrank 3.2 percent quarter over quarter in the three months to June 2020 following a 1.3 percent drop in the previous period, entering a recession due to the negative impact of the COVID-19. The print was 0.1 percentage points higher than the figure given in the advance estimate. That was the largest pace of contraction since the last quarter of 2008 as manufacturing sank 8.9 percent, mainly dragged by transportation equipment and computer, electronic & optical products. Construction dropped 0.3 percent, mainly explained by building construction. Meanwhile, services declined by 0.9 percent, dragged by contractions in wholesale & retail trade, accommodation & food services, transportation & storage and cultural & other services. On an annual basis, the GDP fell by 2.7 percent after expanding 1.4 percent.

GDP Growth Rate in South Korea averaged 1.74 percent from 1960 until 2020, 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 October of 2020. source: The Bank of Korea

GDP Growth Rate in South Korea is expected to be 0.80 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
-3.20 -1.30 7.80 -7.00 1960 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
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% 1.3% -1.4%
2020-07-22 11:00 PM QoQ Adv Q2 -3.3% -1.3% -2.3% -2%
2020-08-31 11:00 PM QoQ Final Q2 -3.2% -1.3% -3.3%
2020-10-26 11:00 PM QoQ Adv Q3 -3.2% 0.8%
2020-11-30 11:00 PM QoQ Final Q3 -3.2% 0.8%


News Stream
South Korea GDP Shrinks the Most Since 2008
South Korea’s GDP shrank 3.2 percent quarter over quarter in the three months to June 2020 following a 1.3 percent drop in the previous period, entering a recession due to the negative impact of the COVID-19. The print was 0.1 percentage points higher than the figure given in the advance estimate. That was the largest pace of contraction since the last quarter of 2008 as manufacturing sank 8.9 percent, mainly dragged by transportation equipment and computer, electronic & optical products. Construction dropped 0.3 percent, mainly explained by building construction. Meanwhile, services declined by 0.9 percent, dragged by contractions in wholesale & retail trade, accommodation & food services, transportation & storage and cultural & other services. On an annual basis, the GDP fell by 2.7 percent after expanding 1.4 percent.
2020-08-31
South Korea Economy Enters Recession
South Korea GDP shrank 3.3 percent quarter-on-quarter in the second quarter of 2020, following a 1.3 percent decline in the previous period and worse than market forecasts of a 2.3 percent fall. It is the worst contraction since the first quarter of 1998, pushing the economy into a technical recession, preliminary estimates showed. Exports plunged 16.6 percent to the lowest value since 1963 due to worldwide coronavirus-induced lockdowns and economic shutdown. Decreases in sales of motor vehicles, coal and petroleum products were the main drag. Imports went down 7.4 percent, mainly due to oil. Also, gross fixed capital formation dropped 1.1 percent. On the other hand, private spending rebounded (1.4 percent), boosted by purchases of durable goods while government cash handouts helped to increase spending on restaurants, clothes and leisure activities. Government consumption rose 1 percent. Year-on-year, the GDP contracted 2.9 percent.
2020-07-22
South Korea GDP Shrinks Less than Expected
South Korea’s quarterly GDP declined 1.3 percent on quarter in the three months to March 2020, falling steeply after increasing 1.3 percent in the prior period and compared to a preliminary estimate of 1.4 percent, final data showed. It was the sharpest drop since the last quarter of 2008, dragged by services (-2.4 percent vs 1.3 percent in Q4) and manufacturing (-1 percent vs 1.8 percent). Also, construction activity slowed sharply (0.2 percent vs 3.7 percent), while primary activity rebounded (3.7 percent vs -1.5). In contrast, shutdowns nudged utilities higher (9.9 percent vs 5.5 percent). On an annual basis, GDP expanded an upwardly revised 1.4 percent.
2020-06-01
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 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.