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. GDP Annual Growth Rate in South Korea averaged 7.35 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.

GDP Annual Growth Rate in South Korea is expected to be 2.40 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 1.90 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 1.50 percent in 2020, according to our econometric models.

South Korea GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-01-21 11:00 PM GDP Growth Rate YoY Adv Q4 3.1% 2% 2.8% 2.7%
2019-03-04 11:00 PM GDP Growth Rate YoY Final Q4 3.1% 2% 3.1% 3.1%
2019-04-24 11:00 PM GDP Growth Rate YoY Adv Q1 1.8% 3.1% 2.5% 1.5%
2019-06-03 11:00 PM GDP Growth Rate YoY Final Q1 1.7% 2.9% 1.8% 1.8%
2019-07-24 11:00 PM GDP Growth Rate YoY Adv Q2 1.7% 2% 1.6%
2019-09-02 11:00 PM GDP Growth Rate YoY Final Q2 1.7% 2.4%
2019-10-23 11:00 PM GDP Growth Rate YoY Adv Q3 2.4%



South Korea Annual GDP Growth Weakest Since 2009

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.

On the production side, manufacturing (1.3 percent vs 5.6 percent in Q4) and services (2.3 percent vs 2.7 percent) lost steam. In addition, the construction sector plummeted 7.0 after shrinking 5.2 percent in the previous quarter. In contrast, primary activity grew 1.6 percent, compared to 0.4 percent and utilities expanded by 6.8 percent after a 5.1 percent rise.

On the expenditure side, final consumption expenditure grew 2.8 percent after a 3.6 percent expansion in the last quarter of 2018, as private consumption growth slowed to 1.9 percent from 2.4 percent, and government spending growth moderated to 5.5 percent after a 7.1 percent jump. In addition, gross fixed capital formation plummeted 8.6 percent after dropping 4.2 percent in Q4, with facilities plunging 17.4 percent (vs -5.3 percent). Meantime, exports edged down 0.2 percent (vs +6.7 percent) and imports fell 5.1 percent (vs +2.4 percent). 

On a quarterly basis, GDP shrank 0.4 percent on quarter, down from the advanced estimate and market expectations of a 0.3 percent contraction and compared to a downwardly revised 0.9 percent expansion in the previous period.

The base year for the GDP data was changed to 2015 from 2010.



Bank of Korea | Mario | mario@tradingeconomics.com
6/4/2019 9:19:05 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.40 0.90 7.80 -7.00 percent [+]
GDP Annual Growth Rate 1.70 2.90 20.80 -7.30 percent [+]
GDP 1619.42 1530.75 1619.42 2.42 USD Billion [+]
GDP Constant Prices 455081.00 456769.70 456769.70 6626.29 KRW Billion [+]
Gross National Product 435887.50 426717.50 435887.50 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 131296.60 135076.40 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 8482.70 8105.70 8635.10 1627.32 KRW Billion [+]
GDP From Construction 21855.30 22068.70 23837.40 279.27 KRW Billion [+]
GDP From Manufacturing 119813.10 123853.90 123853.90 297.74 KRW Billion [+]
GDP From Mining 523.30 534.70 895.20 178.51 KRW Billion [+]
GDP From Public Administration 26575.90 26296.60 26575.90 1673.48 KRW Billion [+]
GDP From Services 215013.70 213019.60 215013.70 4114.30 KRW Billion [+]
GDP From Transport 15230.20 15770.30 15770.30 113.95 KRW Billion [+]
GDP From Utilities 11601.30 11606.70 11606.70 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.70 2.90 20.80 -7.30 1961 - 2019 percent Quarterly
2015=100, SA




Country Last Previous
China 6.20 Jun/19
India 5.80 Mar/19
Indonesia 5.07 Mar/19
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Saudi Arabia 1.70 Mar/19
South Korea 1.70 Mar/19
Switzerland 1.70 Mar/19
Canada 1.30 Mar/19
Euro Area 1.20 Mar/19
France 1.20 Mar/19
Mexico 1.20 Mar/19
Japan 0.90 Mar/19
Germany 0.70 Mar/19
Brazil 0.50 Mar/19
Russia 0.50 Mar/19
Singapore 0.10 Jun/19
South Africa 0.00 Mar/19
Italy -0.10 Mar/19
Turkey -2.60 Mar/19
Argentina -5.80 Mar/19


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