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.

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South Korea GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.30 2.30 20.80 -7.30 1961 - 2020 percent Quarterly
2015=100, SA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-02 11:00 PM YoY Final Q3 2% 2% 2% 2.0%
2020-01-21 11:00 PM YoY Adv Q4 2.2% 2% 1.9% 2.0%
2020-03-02 11:00 PM YoY Final Q4 2.3% 2% 2.2%
2020-04-22 11:00 PM YoY Adv Q1 1.3% 2.3% 0.6% -0.4%
2020-06-01 11:00 PM YoY Final Q1 2.3% 1.3%
2020-07-22 11:00 PM YoY Adv Q2 1.3% -1.7%
2020-08-31 11:00 PM YoY Final Q2 -1.7%
2020-10-26 11:00 PM YoY Adv Q3 -1.2%


News Stream
South Korea Annual GDP Growth Beats Consensus
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 beating 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.
2020-04-22
South Korea Annual GDP Grows the Most in a Year
The South Korean economy advanced 2.3 percent year-on-year in the fourth quarter of 2019, following a 2 percent growth in the previous period and surpassing the advance estimate of 2.2 percent. It was the fastest expansion in a year, driven by services (3 percent vs 2.7 percent in Q3) and construction (1 percent vs -3.5 percent). Also, utilities shrank 0.4 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) and agriculture, forestry & finishing (2.9 percent vs 4.2 percent). On the expenditure side, final consumption growth edged up to 3.1 percent (vs 3 percent), while gross fixed investment climbed 0.5 percent after contracting 2.1 percent in the prior period. Meantime, exports went up 3.7 percent (vs 1.8 percent in Q3) and imports rose at a softer 1.2 percent (vs 2.3 percent in Q3). Considering full 2019, the economy grew 2 percent, the slowest pace in 10 years.
2020-03-02
South Korea Annual GDP Growths Tops Consensus
The South Korean economy advanced 2.2 percent year-on-year in the fourth quarter of 2019, surpassing market expectations of a 1.9 percent increase and the 2 percent growth for the previous period. Construction rebounded modestly, whereas manufacturing lost steam.
2020-01-21
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.
2019-12-02

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.