The South Korean economy advanced 2.2 percent year-on-year in the fourth quarter of 2019, following a 2 percent growth in the previous period and surpassing market expectations of 1.9 percent. It was the fastest expansion in a year, as construction activities recovered (0.4 percent vs -3.5 percent in Q3); and output growth accelerated in services (2.8 percent vs 2.7 percent). Also, utilities shrank 0.7 percent, less than a 1.9 percent contraction in the prior quarter. On the other hand, growth slowed in manufacturing (1.7 percent vs 1.8 percent); agriculture, forestry & finishing (3.7 percent vs 4.2 percent). On the expenditure side, final consumption growth remained steady at 3 percent, while gross fixed investment fell 0.3 percent after contracting 2.1 percent in the prior period. Meantime, exports went up 3.1 percent (vs 1.8 percent in Q3) and imports rose at a softer 0.6 percent (vs 2.3 percent in Q3). Considering full 2019, the economy grew 2 percent, the slowest pace in 10 years.
GDP Annual Growth Rate in South Korea averaged 7.31 percent from 1961 until 2019, 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. source: The Bank of Korea
GDP Annual Growth Rate in South Korea is expected to be 2.50 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 2.30 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 2.90 percent in 2020, according to our econometric models.