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.

South Korea GDP Annual Growth Rate
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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 2.0% 2.8% 2% 2%
2019-01-21 11:00 PM GDP Growth Rate YoY Adv 2.0% 2.8% 2.7%
2019-03-04 11:00 PM GDP Growth Rate YoY Final 2.7%
2019-04-24 11:00 PM GDP Growth Rate YoY Adv 2.6%



South Korea GDP Growth Slows to 9-Year Low in Q3

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.

On the production side, construction plunged 8.1 percent, after a 1.6 percent contraction in the previous quarter (vs a preliminary -7.8 percent) and agriculture declined 2.4 percent compared to a 1.2 percent expansion in the second quarter of the year. Additionally, slower growth was recorded in manufacturing (2.8 percent vs 3.2 percent in Q2), utilities (1.9 percent vs 3.9 percent in Q2 vs preliminary 2.2 percent), and services (2.4 percent vs 3.0 percent in Q2).

On the expenditure side, gross fixed capital formation shrank by 6.6 percent (vs -1.3 percent in Q2 vs preliminary -6.5 percent), with construction plunging 8.9 percent. Also, final consumption lost steam (3.0 percent vs 3.3 percent in Q2 vs preliminary 3.2 percent), as government expenditure (4.6 percent vs 4.8 percent in Q2 vs preliminary 4.7 percent) and private spending (2.5 percent vs 2.8 percent in Q2 vs preliminary 2.6 percent) slowed. Meantime, exports grew 3.1 percent, while imports declined 1.8 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 also matching market consensus and the preliminary reading.



Bank of Korea | Mario | mario@tradingeconomics.com
12/4/2018 10:34:22 AM



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 20.80 -7.30 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 400197.80 397959.20 400197.80 6626.29 KRW Billion [+]
Gross National Product 412026.50 406053.70 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 117718.70 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 6889.20 7286.80 7619.80 1627.32 KRW Billion [+]
GDP From Construction 16224.60 17199.30 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 117011.40 114354.10 117011.40 297.74 KRW Billion [+]
GDP From Mining 502.10 526.50 875.80 178.51 KRW Billion [+]
GDP From Public Administration 24188.70 23995.10 24188.70 1673.48 KRW Billion [+]
GDP From Services 211734.70 210746.10 211734.70 4114.29 KRW Billion [+]
GDP From Transport 13194.20 13204.60 13204.60 113.95 KRW Billion [+]
GDP From Utilities 7859.00 7890.00 7890.00 10.30 KRW Billion [+]


South Korea GDP Annual Growth Rate

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 January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.00 2.80 20.80 -7.30 1961 - 2018 percent Quarterly




Country Last Previous
India 7.10 Sep/18
China 6.40 Dec/18
Indonesia 5.17 Sep/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Saudi Arabia 2.50 Sep/18
Netherlands 2.40 Sep/18
Spain 2.40 Sep/18
Switzerland 2.40 Sep/18
Singapore 2.20 Dec/18
Canada 2.10 Sep/18
South Korea 2.00 Sep/18
Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
Russia 1.50 Sep/18
United Kingdom 1.50 Sep/18
France 1.40 Sep/18
Brazil 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -3.50 Sep/18


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