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.