The South Korean economy advanced 1.0 percent quarter-on-quarter in the three months to December 2018, up from a 0.6 percent expansion in the previous three months and matching a preliminary estimate and market expectations, final data showed. It was the strongest growth rate since the first quarter of the year, mainly boosted by final consumption (1.5 percent vs 0.7 percent in Q3), of which government spending (3.0 percent vs 1.5 percent), and private consumption (1.0 percent vs 0.5 percent). Also, gross fixed capital formation rebounded 1.9 percent, following a 4.6 percent contraction in the previous three-month period. Meantime, exports shrank 1.5 percent (vs +3.9 percent in Q3) and imports climbed 1.5 percent (vs -0.7 percent in Q3). GDP Growth Rate in South Korea averaged 1.79 percent from 1960 until 2018, 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.

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 1.10 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.

South Korea GDP Growth Rate
width
height
Forecast Data Chart
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.


Calendar GMT Actual Previous Consensus TEForecast
2018-10-24 11:00 PM GDP Growth Rate QoQ Adv 0.6% 0.6% 0.7% 1%
2018-12-03 11:00 PM GDP Growth Rate QoQ Final 0.6% 0.6% 0.6% 0.6%
2019-01-21 11:00 PM GDP Growth Rate QoQ Adv 1% 0.6% 0.6% 0.6%
2019-03-04 11:00 PM GDP Growth Rate QoQ Final 1% 0.6% 1.0% 1.0%
2019-04-24 11:00 PM GDP Growth Rate QoQ Adv 1%
2019-06-03 11:00 PM GDP Growth Rate QoQ Final 1%
2019-07-24 11:00 PM GDP Growth Rate QoQ Adv



South Korea GDP Growth Confirmed at 1% in Q4

The South Korean economy advanced 1.0 percent quarter-on-quarter in the three months to December 2018, up from a 0.6 percent expansion in the previous three months and matching a preliminary estimate and market expectations, final data showed. It was the strongest growth rate since the first quarter of the year, mainly boosted by final consumption and gross fixed capital formation.

On the expenditure side, growth was mainly driven by  final consumption (1.5 percent vs 0.7 percent in Q3), as government spending surged 3.0 percent (vs 1.5 percent in Q3), and private consumption rose 1.0 percent (vs 0.5 percent in Q3). Also, gross fixed capital formation rebounded 1.9 percent, following a 4.6 percent contraction in the previous three-month period. Meantime, exports shrank 1.5 percent (vs +3.9 percent in Q3) and imports climbed 1.5 percent (vs -0.7 percent in Q3).

By economic activity, agricultural activity rebounded a sharp 6.1 percent, after shrinking 5.5 percent fall in the prior quarter and compared to a preliminary 5.8 percent gain, mainly due to an increase in livestock products. In addition, utilities expanded 3.6 percent (vs preliminary 4.0 percent), after contracting 0.4 percent in the third quarter, mostly due to higher sales of electricity; and construction grew by 1.0 percent (vs preliminary 1.1 percent), reversing from a 5.7 percent decline in the prior period, driven by non-residential building construction and civil engineering. Also, services rose 0.6 percent (vs preliminary 0.7 percent and vs 0.5 percent in Q3), boosted wholesale and retail trade and health & social work services. On the other hand, manufacturing output growth eased to 0.9 percent from 2.3 percent in the previous period and compared to a preliminary 0.8 percent.

On a yearly basis, the economy grew 3.1 percent in the last quarter of the year, accelerationg from a 2.0 percent growth in the prior quarter and in line with a preliminary estimate and market consensus.

Considering 2018 as a whole, the GDP expanded 2.7 percent, the slowest annual growth since 2012, easing from a 3.1 percent growth in 2017.


Bank of Korea | Mario | mario@tradingeconomics.com
3/5/2019 11:51:11 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 0.60 7.80 -7.00 percent [+]
GDP Annual Growth Rate 3.10 2.00 20.80 -7.30 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 404060.60 400197.80 404060.60 6626.29 KRW Billion [+]
Gross National Product 426717.50 412026.50 426717.50 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 119779.00 117718.70 127086.00 359.12 KRW Billion [+]
GDP per capita 26152.03 25484.00 26152.03 944.30 USD [+]
GDP per capita PPP 35938.37 35020.40 35938.37 11632.60 USD [+]
GDP From Agriculture 7286.60 6889.20 7619.80 1627.32 KRW Billion [+]
GDP From Construction 16403.10 16224.60 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 117990.80 117011.40 117990.80 297.74 KRW Billion [+]
GDP From Mining 555.30 502.10 875.80 178.51 KRW Billion [+]
GDP From Public Administration 24320.30 24188.70 24320.30 1673.48 KRW Billion [+]
GDP From Services 213159.30 211734.70 213159.30 4114.29 KRW Billion [+]
GDP From Transport 13458.70 13194.20 13458.70 113.95 KRW Billion [+]
GDP From Utilities 8175.50 7859.00 8175.50 10.30 KRW Billion [+]


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. This page provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.00 0.60 7.80 -7.00 1960 - 2018 percent Quarterly
SA




Country Last Previous
United States 2.60 Dec/18
Saudi Arabia 1.60 Sep/18
China 1.50 Dec/18
India 1.50 Sep/18
Singapore 1.40 Dec/18
South Africa 1.40 Dec/18
South Korea 1.00 Dec/18
Spain 0.70 Dec/18
Japan 0.50 Dec/18
Netherlands 0.50 Dec/18
France 0.30 Dec/18
Russia 0.30 Sep/18
Australia 0.20 Dec/18
Euro Area 0.20 Dec/18
Mexico 0.20 Dec/18
Switzerland 0.20 Dec/18
United Kingdom 0.20 Dec/18
Brazil 0.10 Dec/18
Canada 0.10 Dec/18
Germany 0.00 Dec/18
Italy -0.10 Dec/18
Argentina -0.70 Sep/18
Indonesia -1.69 Dec/18
Turkey -2.40 Dec/18


Related

Latest