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.