The South Korean economy advanced 1.3 percent year-on-year in the first quarter of 2020, following a 2.3 percent expansion in the previous period and surpassing estimates of a 0.6 percent increase, as the coronavirus pandemic took a softer than expected toll. Still, it was the softest expansion since the third quarter of 2009. Growth was mainly nudged by manufacturing (3.2 percent vs 1.4 percent) and utilities (5.2 percent vs 4.6 percent). Meanwhile, construction rebounded sharply (2.4 percent vs -3.0 percent). In contrast, services expanded a modest 0.2 percent after growing 2.7 percent in the final quarter of 2019. On a quarterly basis, GDP declined 1.4 percent in the three months to March 2020, falling steeply after increasing 1.3 percent in the prior period but modestly beating expectations of 1.5 percent contraction.
GDP Annual Growth Rate in South Korea averaged 7.26 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 May of 2020. source: The Bank of Korea
GDP Annual Growth Rate in South Korea is expected to be -1.70 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 1.20 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 2.20 percent in 2021 and 2.90 percent in 2022, according to our econometric models.