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 second quarter of 2018, matching the 2.8 percent growth recorded for the previous quarter and slightly below the 2.9 percent preliminary expansion and the final consensus estimate. Manufacturing gained steam and utilities rebounded sharply, whereas primary activity and services expanded at a softer pace and construction fell into contraction, final data showed. GDP Annual Growth Rate in South Korea averaged 7.41 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 Annual GDP Growth Revised to 2.8%


The economy of South Korea advanced 2.8 percent year-on-year in the second quarter of 2018, matching the 2.8 percent growth recorded for the previous quarter and slightly below the 2.9 percent preliminary expansion and the final consensus estimate.

On the production side, manufacturing gained steam, expanding 3.2 percent after a 2.7 percent growth in the previous quarter (and vs preliminary 3.3 percent). Also, utilities rebounded sharply, advancing 3.9 percent following a 1.7 percent drop in the first quarter (and vs prel 4.1 percent). Meantime, primary activity moderated (+1.2 percent vs +4.1 percent and vs prel +1.5 percent) and services expanded at a slightly softer pace of 3.0 percent (vs +3.2 percent in Q1 and vs prel +3.1 percent). In contrast, construction fell into contraction and was revised sharply up (-1.6 percent vs +0.2 percent and prel -0.8 percent).

On the expenditure side, exports expanded at a faster pace (+4.8 percent vs +1.6 percent and vs prel +5.2 percent), while imports advanced less (+2.0 percent vs +4.2 percent and vs prel +2.4 percent), adding to overall growth. In contrast, gross fixed formation contracted 1.3 percent after expanding 3.7 percent in the previous quarter (and vs prel -1.1 percent), with construction slipping 1.5 percent (vs +1.8 percent in Q1 and prel -0.7 percent) and facilities dropping 3.0 percent (vs +7.3 percent and vs prel -3.9 percent). In addition, final consumption grew at a softer clip of 3.3 percent (vs +4.0 percent), with private spending rising 2.8 percent (vs +3.5 percent) and public spending increasing 4.8 percent (vs +5.8 percent), all unchanged from preliminary estimates. 

On a quarterly basis, the economy expanded 0.6 percent quarter-on-quarter after a 1 percent expansion in the previous period and below both market expectations and the preliminary print of 0.7 percent.


Bank of Korea | Mario | mario@tradingeconomics.com
9/4/2018 11:08:05 AM



Calendar GMT Actual Previous Consensus TEForecast
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 2.9% 2.8% 3% 3.1%
2018-09-03 11:00 PM GDP Growth Rate YoY Final 2.8% 2.8% 2.9% 2.9%
2018-10-24 11:00 PM GDP Growth Rate YoY Adv 2.8% 2.7%
2018-12-03 11:00 PM GDP Growth Rate YoY Final 2.8%


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 1.00 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 397959.20 395605.80 397959.20 6626.29 KRW Billion [+]
Gross National Product 406053.70 394081.60 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 123422.80 127086.00 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 7286.80 7497.20 7619.80 1627.32 KRW Billion [+]
GDP From Construction 17199.30 17388.90 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 114354.10 111872.20 114354.10 297.74 KRW Billion [+]
GDP From Mining 526.50 556.80 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23995.10 23456.80 23995.10 1673.48 KRW Billion [+]
GDP From Services 210746.10 207322.50 210746.10 4114.29 KRW Billion [+]
GDP From Transport 13204.60 12977.00 13204.60 113.95 KRW Billion [+]
GDP From Utilities 7890.00 7209.40 7890.00 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 (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 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 September 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 8.20 Jun/18
China 6.70 Jun/18
Indonesia 5.27 Jun/18
Turkey 5.20 Jun/18
Singapore 3.90 Jun/18
Argentina 3.60 Mar/18
Australia 3.40 Jun/18
Switzerland 3.40 Jun/18
Netherlands 2.90 Jun/18
United States 2.90 Jun/18
South Korea 2.80 Jun/18
Spain 2.70 Jun/18
Mexico 2.60 Jun/18
Euro Area 2.10 Jun/18
Germany 2.00 Jun/18
Canada 1.90 Jun/18
Russia 1.90 Jun/18
France 1.70 Jun/18
United Kingdom 1.30 Jun/18
Italy 1.20 Jun/18
Saudi Arabia 1.15 Mar/18
Brazil 1.00 Jun/18
Japan 1.00 Jun/18
South Africa 0.40 Jun/18


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