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.