South Korea GDP Annual Growth Rate  1961-2018 | Data | Chart | Calendar

The economy of South Korea advanced 2.8 percent year-on-year in the first quarter of 2018, matching the growth recorded for the previous quarter and the preliminary estimate. Manufacturing, services and agriculture drove growth, while construction output rose at a softer pace and utilities production contracted. GDP Annual Growth Rate in South Korea averaged 7.43 percent from 1961 until 2018, reaching an all time high of 19.60 percent in the fourth quarter of 1969 and a record low of -7.40 percent in the second quarter of 1998.

South Korea GDP Annual Growth Rate
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South Korea Q1 GDP Annual Growth Confirmed at 2.8%


The economy of South Korea advanced 2.8 percent year-on-year in the first quarter of 2018, matching the growth recorded for the previous quarter and the preliminary estimate.

On the production side, manufacturing expanded 2.7 percent in the first quarter, the same pace as in the previous period, and output grew at a faster pace for both services (3.2 percent vs 2.4 percent in Q4) and agriculture (4.1 percent vs 1.5 percent). In contrast, construction expanded at a slower 0.2 percent (vs 2.7 percent in Q4) and utilities contracted 1.7 percent after expanding 6.0 percent in the preceding period.

On the expenditure side, final consumption expenditure expanded at a faster clip of 4.0 percent (vs 3.5 percent in Q4), triggered by both government spending (5.8 percent vs 4.1 percent) and private consumption (3.5 percent vs 3.4 percent). Meantime, gross fixed capital formation lost steam and expanded at a softer 3.7 percent (vs 5.0 percent in Q4). Also, exports rebounded 1.6 percent (vs -0.6 percent in Q4), while imports grew at a slightly faster rate of 4.2 percent (vs 4.1 percent in Q4).

On a quarterly basis, the economy rebounded 1.0 percent quarter-over-quarter in the three months to March 2018 after a 0.2 percent contraction in the previous quarter and slightly below the preliminary 1.1 percent expansion.


Mario | mario@tradingeconomics.com
6/1/2018 9:59:10 AM


Recent Releases

South Korea GDP Grows 2.8% YoY in Q1
The economy of South Korea advanced 2.8 percent year-on-year in the first quarter of 2018, matching the growth recorded for the previous quarter and slightly below market expectations of a 2.9 percent climb.
Published on 2018-04-25

South Korea GDP Growth Revised Down to 2.8% YoY in 4Q
The economy of South Korea advanced 2.8 percent year-on-year in the fourth quarter of 2017, below than an initial estimate of a 3.0 percent growth, and down from the 3.8 percent expansion in the previous quarter.
Published on 2018-03-28

South Korea Annual GDP Grows Below Expectations in Q4
The South Korean economy grew 3.0 percent year-on-year in the fourth quarter of 2017, down from the 3.8 percent expansion in the previous quarter and below the 3.1 percent growth expected by consensus.
Published on 2018-01-25

South Korea 3Q GDP Growth Revised Up to 3.8% YoY
The South Korean economy expanded 3.8 percent year-on-year in the third quarter of 2017 according to the revised estimate, up from the 3.6 percent preliminary figure; comfortably surpassing the 2.7 percent expansion in Q2; and above the 3.6 percent print expected by consensus. It is the higher growth pace since March of 2014. Faster GDP expansion was explained by further growth in manufacturing and services, more than offsetting slower expansion in construction and utilities.
Published on 2017-11-30



Calendar GMT Actual Previous Consensus TEForecast
2018-03-27 11:00 PM GDP Growth Rate YoY Final 2.8% 3.8% 3% 3%
2018-04-25 11:00 PM GDP Growth Rate YoY Adv 2.8% 2.8% 2.9% 2.9%
2018-05-31 11:00 PM GDP Growth Rate YoY Final 2.8% 2.8% 2.9% 2.9%
2018-07-25 11:00 PM GDP Growth Rate YoY Adv 2.8% 3.1%
2018-09-03 11:00 PM GDP Growth Rate YoY Final 2.8%
2018-10-24 11:00 PM GDP Growth Rate YoY Adv 2.7%


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 -0.20 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.80 2.80 19.60 -7.40 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 395932.80 391681.40 395932.80 6626.29 KRW Billion [+]
Gross National Product 394081.60 422891.90 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 128329.80 124612.20 128329.80 359.12 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 7531.90 7072.90 7619.80 1627.32 KRW Billion [+]
GDP From Construction 17957.40 17388.90 17957.40 279.27 KRW Billion [+]
GDP From Manufacturing 114019.80 111872.20 114019.80 297.74 KRW Billion [+]
GDP From Mining 511.60 547.40 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23692.70 23456.80 23692.70 1673.48 KRW Billion [+]
GDP From Services 209158.30 207322.50 209158.30 4114.29 KRW Billion [+]
GDP From Transport 13025.00 13106.90 13106.90 113.95 KRW Billion [+]
GDP From Utilities 7326.60 7748.90 7748.90 10.30 KRW Billion [+]


South Korea GDP Annual Growth Rate

South Korea’s economy became one of the most diversified and technologically advanced in the world in the last 50 years. Like in most developed countries, services account for the highest percentage of GDP (around 57 percent of GDP). Within services the most important ones are public administration (around 5.8 percent of GDP); education (5.3 percent of GDP); information and communication (5 percent of GDP); 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 Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on July of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
2.80 2.80 19.60 -7.40 1961 - 2018 percent Quarterly




GDP annual growth rate by Country
Country Last
India 7.70 Mar/18
Turkey 7.40 Mar/18
China 6.70 Jun/18
Indonesia 5.06 Mar/18
Australia 3.10 Mar/18
Spain 3.00 Mar/18
Netherlands 2.80 Mar/18
South Korea 2.80 Mar/18
United States 2.80 Mar/18
Euro Area 2.50 Mar/18
Canada 2.30 Mar/18
Germany 2.30 Mar/18
France 2.20 Mar/18
Switzerland 2.20 Mar/18
Italy 1.40 Mar/18
Mexico 1.30 Mar/18
Russia 1.30 Mar/18
Brazil 1.20 Mar/18
United Kingdom 1.20 Mar/18
Japan 1.10 Mar/18


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