South Korea GDP Annual Growth Rate

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 below estimates of 2.2 percent. It was the weakest growth rate in nine years, as construction plunged 7.8 percent. On the expenditure side, softer growth was mainly explained by a 6.5 percent contraction in gross fixed capital formation. GDP Annual Growth Rate in South Korea averaged 7.39 percent from 1961 until 2018, reaching an all time high of 19.60 percent in the fourth quarter of 1969 and a record low of -7.40 percent in the second quarter of 1998.

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South Korea Economy Grows at 9-Year Low

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 below estimates of 2.2 percent. It was the weakest growth rate in nine years, as construction plunged 7.8 percent.

On the production side, softer growth was observed in manufacturing (2.8 percent vs 3.2 percent in Q2), services (2.4 percent vs 3.0 percent), and utilities (2.2 percent vs 3.9 percent). In addition, construction shrank 7.8 percent, more than a 1.6 percent contraction in the previous period.

On the expenditure side, softer growth was mainly explained by a 6.5 percent plunge in gross fixed capital formation (vs -1.3 percent). Also, final consumption grew 3.2 percent, after rising 3.3 percent in the second quarter of the year, driven by a slowdown in private consumption (2.6 percent vs 2.8 percent) and government spending (4.7 percent vs 4.8 percent in Q2). Meantime, exports grew 3.1 percent (vs 4.8 percent) and imports dropped 1.2 percent (vs +2.0 percent).

On a quarterly basis, the economy advanced 0.6 percent quarter-on-quarter in the three months to September 2018, the same pace as in the previous period and slightly below market expectations of 0.7 percent.

Mario | mario@tradingeconomics.com
10/25/2018 9:23:42 AM

Recent Releases

South Korea Annual GDP Growth Revised to 2.8%
The economy of South Korea advanced 2.8 percent year-on-year in the second quarter of 2018, matching the 2.8 percent growth recorded for the previous quarter and slightly below the 2.9 percent preliminary expansion and the final consensus estimate.
Published on 2018-09-04

South Korea Annual GDP Growth Edges Up in Q2
The economy of South Korea advanced 2.9 percent year-on-year in the second quarter of 2018, slightly above the 2.8 percent growth recorded for the previous quarter but below the 3.0 percent expansion expected by consensus, preliminary estimates showed.
Published on 2018-07-26

South Korea Q1 GDP Annual Growth Confirmed at 2.8%
The economy of South Korea advanced 2.8 percent year-on-year in the first quarter of 2018, matching the growth recorded for the previous quarter and the preliminary estimate.
Published on 2018-06-01

South Korea GDP Grows 2.8% YoY in Q1
The economy of South Korea advanced 2.8 percent year-on-year in the first quarter of 2018, matching the growth recorded for the previous quarter and slightly below market expectations of a 2.9 percent climb.
Published on 2018-04-25

Calendar	GMT		Actual	Previous	Consensus	TEForecast
2018-07-25	11:00 PM	GDP Growth Rate YoY Adv	2.9%	2.8%	3%	3.1%
2018-09-03	11:00 PM	GDP Growth Rate YoY Final	2.8%	2.8%	2.9%	2.9%
2018-10-24	11:00 PM	GDP Growth Rate YoY Adv	2%	2.8%	2.2%	2.7%
2018-12-03	11:00 PM	GDP Growth Rate YoY Final		2.8%	2%	2%

South Korea GDP	Last	Previous	Highest	Lowest	Unit
GDP Growth Rate	0.60	0.60	7.80	-7.00	percent	[+]
GDP Annual Growth Rate	2.00	2.80	19.60	-7.40	percent	[+]
GDP	1530.75	1414.80	1530.75	2.42	USD Billion	[+]
GDP Constant Prices	400234.60	397959.20	400234.60	6626.29	KRW Billion	[+]
Gross National Product	406053.70	394081.60	422891.90	7259.71	KRW Billion	[+]
Gross Fixed Capital Formation	117824.70	123422.80	127086.00	359.12	KRW Billion	[+]
GDP per capita	26152.03	25484.00	26152.03	944.30	USD	[+]
GDP per capita PPP	35938.37	35020.40	35938.37	11632.60	USD	[+]
GDP From Agriculture	6932.40	7286.80	7619.80	1627.32	KRW Billion	[+]
GDP From Construction	16285.10	17199.30	17780.00	279.27	KRW Billion	[+]
GDP From Manufacturing	116974.90	114354.10	116974.90	297.74	KRW Billion	[+]
GDP From Mining	502.00	526.50	875.80	178.51	KRW Billion	[+]
GDP From Public Administration	24176.90	23995.10	24176.90	1673.48	KRW Billion	[+]
GDP From Services	211761.30	210746.10	211761.30	4114.29	KRW Billion	[+]
GDP From Transport	13200.40	13204.60	13204.60	113.95	KRW Billion	[+]
GDP From Utilities	7884.20	7890.00	7890.00	10.30	KRW Billion	[+]

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. 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 - actual data, historical chart and calendar of releases - was last updated on November of 2018.

	Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	2.00	2.80	19.60	-7.40	1961 - 2018	percent	Quarterly

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Country	Last		Previous	Highest	Lowest
India	8.20	Jun/18	7.7	11.4	-5.2	%	Quarterly
China	6.50	Sep/18	6.7	15.4	3.8	%	Quarterly
Turkey	5.20	Jun/18	7.3	11.7	-14.4	%	Quarterly
Indonesia	5.17	Sep/18	5.27	7.16	1.56	%	Quarterly
Australia	3.40	Jun/18	3.2	9	-3.4	%	Quarterly
Switzerland	3.40	Jun/18	2.9	5.8	-3.7	%	Quarterly
United States	3.00	Sep/18	2.9	13.4	-3.9	%	Quarterly
Mexico	2.60	Sep/18	2.6	9	-9.1	%	Quarterly
Singapore	2.60	Sep/18	4.1	19	-8.8	%	Quarterly
Spain	2.50	Sep/18	2.5	5.6	-4.3	%	Quarterly
Netherlands	2.40	Sep/18	3.1	6.1	-4.6	%	Quarterly
South Korea	2.00	Sep/18	2.8	19.6	-7.4	%	Quarterly
Canada	1.90	Jun/18	2.3	9.3	-4.1	%	Quarterly
Euro Area	1.70	Sep/18	2.2	5	-5.5	%	Quarterly
Saudi Arabia	1.61	Jun/18	1.15	24.2	-20.7	%	Quarterly
France	1.50	Sep/18	1.7	12.6	-3.8	%	Quarterly
United Kingdom	1.50	Sep/18	1.2	9.7	-6.1	%	Quarterly
Russia	1.30	Sep/18	1.9	12.1	-11.2	%	Quarterly
Germany	1.10	Sep/18	2	7.2	-6.8	%	Quarterly
Brazil	1.00	Jun/18	1.2	10.1	-5.6	%	Quarterly
Italy	0.80	Sep/18	1.2	10.3	-7.2	%	Quarterly
South Africa	0.40	Jun/18	0.8	7.1	-2.6	%	Quarterly
Japan	0.30	Sep/18	1.4	9.4	-8.8	%	Quarterly
Argentina	-4.20	Jun/18	3.9	16.2	-16.3	%	Quarterly