South Korea’s Gross Domestic Product (GDP) contracted 1.4 percent on an annual basis in the last three months of 2020, compared to a 1.1 percent expansion in the previous period and to market expectations of a 1.7 percent drop, preliminary data showed. By sector, construction sank 2.8 percent after contracting 1.9 percent, while services also fell further (-2.1 percent vs. -1.3 percent). In contrast, utilities expanded 9.2 percent and gained steam after growing 8.7 percent. Manufacturing edged up 0.1 percent after declining 0.7 percent. On a quarterly basis, GDP expanded 1.1 percent following a 2.1 percent advance in the previous quarter, as the recovery lost momentum. source: The Bank of Korea

GDP Annual Growth Rate in South Korea averaged 7.16 percent from 1961 until 2020, reaching an all time high of 20.80 percent in the fourth quarter of 1969 and a record low of -7.30 percent in the second quarter of 1998. 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 - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.

GDP Annual Growth Rate in South Korea is expected to be 1.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in South Korea to stand at 3.00 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 2.50 percent in 2022 and 2.90 percent in 2023, according to our econometric models.

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South Korea GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.40 -1.10 20.80 -7.30 1961 - 2020 percent Quarterly
2015=100, SA


Calendar GMT Actual Previous Consensus TEForecast
2020-08-31 11:00 PM YoY Final Q2 -2.7% 1.4% -2.9%
2020-10-26 11:00 PM YoY Adv Q3 -1.3% -2.7% -1.9% -1.5%
2020-11-30 11:00 PM YoY Final Q3 -1.1% -2.7% -1.3% -1.3%
2021-01-25 11:00 PM YoY Adv Q4 -1.4% -1.1% -1.7% -1.5%
2021-03-03 11:00 PM YoY Final Q4 -1.1% -1.4% -1.4%
2021-04-26 11:00 PM YoY Adv Q1
2021-06-08 11:00 PM YoY Final Q1
2021-07-26 11:00 PM YoY Adv Q2


News Stream
South Korea Annual GDP Falls Further
South Korea’s Gross Domestic Product (GDP) contracted 1.4 percent on an annual basis in the last three months of 2020, compared to a 1.1 percent expansion in the previous period and to market expectations of a 1.7 percent drop, preliminary data showed. By sector, construction sank 2.8 percent after contracting 1.9 percent, while services also fell further (-2.1 percent vs. -1.3 percent). In contrast, utilities expanded 9.2 percent and gained steam after growing 8.7 percent. Manufacturing edged up 0.1 percent after declining 0.7 percent. On a quarterly basis, GDP expanded 1.1 percent following a 2.1 percent advance in the previous quarter, as the recovery lost momentum.
2021-01-25
South Korea GDP Contracts 1.1% YoY in Q3
South Korea’s GDP contracted a downwardly revised 1.1 percent on an annual basis in the third quarter of 2020 following a 2.7 percent contraction in the previous period and compared to a preliminary 1.3 percent decline. On the expenditure side, consumption dropped further (-2.1 percent vs -1.3 percent in Q2), whereas gross fixed capital formation gained steam (3.2 percent vs 1.9 percent). Exports declined 3.4 percent (vs -13 percent), whereas imports sank 4.6 percent (vs -8.5 percent). On a quarterly basis, activity rebounded 2.1 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating the preliminary estimate of a 1.9 percent increase.
2020-11-30
South Korea GDP Falls 1.3% YoY
South Korea’s GDP contracted 1.3 percent on an annual basis in the third quarter of 2020 following a 2.7 percent contraction in the previous period, preliminary data showed. On the expenditure side, consumption dropped further (-2.3 percent vs -1.3 percent in Q2), whereas gross fixed capital formation gained steam (2.6 percent vs 1.9 percent). Exports declined 3.7 percent (vs -13 percent), whereas imports sank 5.3 percent (vs -8.5 percent). On a quarterly basis, activity rebounded 1.9 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase.
2020-10-26
South Korea Annual GDP Contracts 2.7% YoY
South Korea’s GDP contracted 2.7 percent on an annual basis in the second quarter of 2020 following a 1.4 percent expansion in the previous period, final data showed. On the expenditure side, consumption dropped 1.3 percent after declining 1.7 percent, dragged by private spending (-4 percent). Meanwhile, gross fixed capital formation expanded 1.9 percent following a 4.7 percent increase. Exports fell 13.5 percent, while imports dropped 8.5 percent. On the production side, manufacturing dropped 6.6 percent (vs 3.5 percent in Q1), while utilities posted nil growth (vs 7.2 percent in Q1) and construction contracted 0.2 percent (vs 3 percent in Q1). On a quarterly basis, the GDP contracted 3.2 percent and was revised 0.1 pp higher.
2020-08-31

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.