The South Korean economy expanded 2.0 percent year-on-year in the three months to September 2018, slowing from a 2.8 percent growth in the previous quarter and in line with market expectations, final data showed. It was the weakest growth rate since the third quarter of 2009, as construction plunged 8.1 percent (vs preliminary 7.8 percent). On the expenditure side, softer growth was mainly explained by a 6.6 percent contraction in gross fixed capital formation (vs preliminary 6.5 percent). GDP Annual Growth Rate in South Korea averaged 7.40 percent from 1961 until 2018, 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.
GDP Annual Growth Rate in South Korea is expected to be 2.80 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 2.90 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.