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.

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. source: The Bank of Korea

GDP Growth Rate in South Korea is expected to be 1.20 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 2020, according to our econometric models.


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South Korea GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.20 0.40 7.80 -7.00 1960 - 2019 percent Quarterly
SA

Calendar GMT Actual Previous Consensus TEForecast
2019-09-02 11:00 PM GDP Growth Rate QoQ Final Q2 1% -0.4% 1.1%
2019-10-23 11:00 PM GDP Growth Rate QoQ Adv Q3 0.4% 1% 0.5% 0.8%
2019-12-02 11:00 PM GDP Growth Rate QoQ Final Q3 0.4% 1% 0.4% 0.4%
2020-01-21 11:00 PM GDP Growth Rate QoQ Adv Q4 1.2% 0.4% 0.8% 0.6%
2020-03-02 11:00 PM GDP Growth Rate QoQ Final Q4 0.4% 1.2%


News Stream
2019-12-02
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.

2019-10-23
South Korea Quarterly GDP Growth Below Consensus
South Korea’s economy grew 0.4 percent in the three months to September 2019 compared to 1.0 percent in the previous quarter and below market expectations of 0.5 percent. Softer growth was mainly explained by a slower rise in services and declines in utilities and construction. On the expenditure side, household consumption and government spending grew less while fixed investment shrank.

2019-09-02
South Korea Q2 GDP Growth Revised Slightly Lower
South Korea’s quarterly GDP growth was revised lower to 1.0 percent in the three months to June 2019 from a preliminary estimate of 1.1 percent and compared to a 0.4 percent contraction in the previous period. It was the strongest growth rate since the first quarter of 2018, as manufacturing, construction and utilities output rebounded firmly.

2019-07-24
South Korea Q2 GDP Growth at Near 2-Year High
South Korea’s GDP advanced 1.1 percent on quarter in the three months to June 2019, after a 0.4 percent contraction in the previous quarter and above market consensus of a 1.0 percent expansion. It was the strongest growth rate since the third quarter of 2017, as manufacturing and construction output rebounded and utilities surged 8.3 percent.

2019-06-03
South Korea Q1 GDP Falls More than Initially Estimated
South Korea’s GDP declined 0.4 percent on quarter in the first three months of 2019, down from the advanced estimate and market expectations of a 0.3 percent contraction and compared to a downwardly revised 0.9 percent expansion in the previous period. This was the slowest growth rate since Q4 2008. On the production side, GDP was dragged by contractions in manufacturing and construction. On the expenditure side, trade and gross fixed capital formation were the main draggers.

2019-04-24
South Korea Economy Unexpectedly Shrinks in Q1
The South Korean economy shrank 0.3 percent quarter-on-quarter in the three months to March 2019, after a 1.0 percent expansion in the previous three months and missing market expectations of 0.3 percent growth, advanced data showed. It was the first contraction in five quarters and the steepest since the last quarter of 2008, as utilities and manufacturing contracted sharply and construction shrank for the third time in over the last four quarters.


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.

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.20 0.40 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.20 2.00 20.80 -7.30 percent [+]
GDP 1619.42 1530.75 1619.42 2.42 USD Billion [+]
GDP Constant Prices 467045.10 461705.90 467045.10 6626.29 KRW Billion [+]
Gross National Product 456451.80 450227.40 473695.60 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 134629.40 129808.10 143486.50 359.12 KRW Billion [+]
GDP per capita 26761.90 26152.00 26761.90 944.30 USD [+]
GDP per capita PPP 36776.50 35938.40 36776.50 11632.60 USD [+]
GDP From Agriculture 8402.70 8223.80 8635.10 1627.32 KRW Billion [+]
GDP From Construction 22159.70 21124.40 23837.40 279.27 KRW Billion [+]
GDP From Manufacturing 125987.10 123980.70 125987.10 297.74 KRW Billion [+]
GDP From Mining 498.70 455.40 895.20 178.51 KRW Billion [+]
GDP From Public Administration 26855.50 26575.90 26855.50 1673.48 KRW Billion [+]
GDP From Services 260084.80 258292.10 260084.80 4114.30 KRW Billion [+]
GDP From Transport 15648.60 15635.50 15770.30 113.95 KRW Billion [+]
GDP From Utilities 11528.80 11099.80 12845.80 10.30 KRW Billion [+]