The South Korean economy advanced 2.2 percent year-on-year in the fourth quarter of 2019, following a 2 percent growth in the previous period and surpassing market expectations of 1.9 percent. It was the fastest expansion in a year, as construction activities recovered (0.4 percent vs -3.5 percent in Q3); and output growth accelerated in services (2.8 percent vs 2.7 percent). Also, utilities shrank 0.7 percent, less than a 1.9 percent contraction in the prior quarter. On the other hand, growth slowed in manufacturing (1.7 percent vs 1.8 percent); agriculture, forestry & finishing (3.7 percent vs 4.2 percent). On the expenditure side, final consumption growth remained steady at 3 percent, while gross fixed investment fell 0.3 percent after contracting 2.1 percent in the prior period. Meantime, exports went up 3.1 percent (vs 1.8 percent in Q3) and imports rose at a softer 0.6 percent (vs 2.3 percent in Q3). Considering full 2019, the economy grew 2 percent, the slowest pace in 10 years.

GDP Annual Growth Rate in South Korea averaged 7.31 percent from 1961 until 2019, 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. source: The Bank of Korea

GDP Annual Growth Rate in South Korea is expected to be 2.50 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 2.30 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 2.90 percent in 2020, according to our econometric models.


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South Korea GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.20 2.00 20.80 -7.30 1961 - 2019 percent Quarterly
2015=100, SA

Calendar GMT Actual Previous Consensus TEForecast
2019-09-02 11:00 PM GDP Growth Rate YoY Final Q2 2% 1.7% 2.1%
2019-10-23 11:00 PM GDP Growth Rate YoY Adv Q3 2% 2% 2.1% 2.2%
2019-12-02 11:00 PM GDP Growth Rate YoY Final Q3 2% 2% 2% 2.0%
2020-01-21 11:00 PM GDP Growth Rate YoY Adv Q4 2.2% 2% 1.9% 2.0%
2020-03-02 11:00 PM GDP Growth Rate YoY Final Q4 2% 2.2%


News Stream
2019-12-02
South Korea GDP Annual Growth Steady at 2%
The South Korean economy advanced 2.0 percent year-on-year in the third quarter of 2019, matching growth for the previous period and the preliminary reading. Manufacturing and agriculture output grew at a faster pace, while declines were seen in both construction and utilities.

2019-10-23
South Korea Annual GDP Growth Remains at 2%
The South Korean economy advanced 2.0 percent year-on-year in the third quarter of 2019, matching growth for the previous period but coming modestly below expectations of 2.1 percent. Growth slowed for services while picked up for agriculture and manufacturing.

2019-09-02
South Korea Q2 GDP Annual Growth Rate at 2%
The South Korean economy advanced 2.0 percent year-on-year in the second quarter of 2019, compared to a preliminary estimate of 2.1 percent and following a 1.7 percent expansion in the previous period. Growth was mainly boosted by utilities and services, while manufacturing growth slowed.

2019-07-24
South Korea Economy Expands 2.1% YoY in Q2
The South Korean economy advanced 2.1 percent year-on-year in the three months to June 2019, following a 1.7 percent expansion in the previous quarter and beating market expectations of 2.0 percent, preliminary data showed. Growth was mainly boosted by utilities, manufacturing and services.

2019-06-03
South Korea GDP Growth Revised Down to 1.7% YoY
The South Korean economy expanded 1.7 percent year-on-year in the three months to March 2019, easing from a downwardly revised 2.9 percent growth in the previous quarter (vs original 3.1 percent) and compared to the original estimate and market expectations of 1.8 percent, final data showed. It was the weakest growth rate since the third quarter of 2009, amid a slowdown in manufacturing and a sharp contraction in construction.

2019-04-24
South Korea Annual GDP Growth at Over 9-Year Low
The South Korean economy expanded 1.8 percent year-on-year in the three months to March 2019, decelerating sharply from a 3.1 percent growth in the previous quarter and well below market expectations of a 2.5 percent expansion, advanced data showed. It was the weakest growth print since the third quarter of 2009, explained by a sharp contraction in the construction sector and tepid growth in manufacturing.


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.

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.20 0.40 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.20 2.00 20.80 -7.30 percent [+]
GDP 1619.42 1530.75 1619.42 2.42 USD Billion [+]
GDP Constant Prices 467045.10 461705.90 467045.10 6626.29 KRW Billion [+]
Gross National Product 456451.80 450227.40 473695.60 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 134629.40 129808.10 143486.50 359.12 KRW Billion [+]
GDP per capita 26761.90 26152.00 26761.90 944.30 USD [+]
GDP per capita PPP 36776.50 35938.40 36776.50 11632.60 USD [+]
GDP From Agriculture 8402.70 8223.80 8635.10 1627.32 KRW Billion [+]
GDP From Construction 22159.70 21124.40 23837.40 279.27 KRW Billion [+]
GDP From Manufacturing 125987.10 123980.70 125987.10 297.74 KRW Billion [+]
GDP From Mining 498.70 455.40 895.20 178.51 KRW Billion [+]
GDP From Public Administration 26855.50 26575.90 26855.50 1673.48 KRW Billion [+]
GDP From Services 260084.80 258292.10 260084.80 4114.30 KRW Billion [+]
GDP From Transport 15648.60 15635.50 15770.30 113.95 KRW Billion [+]
GDP From Utilities 11528.80 11099.80 12845.80 10.30 KRW Billion [+]