The South Korean economy expanded 3.1 percent year-on-year in the three months to December 2018, accelerating from a 2.0 percent growth in the previous quarter and in line with the preliminary estimate and market consensus, final data showed. It was the fastest growth rate since the third quarter of 2017, mainly driven by manufacturing; utilities; services and agriculture, forestry & fishing. On a quarterly basis, the economy grew 1.0 percent in the last quarter of the year, higher than a 0.6 percent gain in the prior quarter. Considering full 2018, the GDP advanced 2.7 percent, the slowest annual growth rate since 2012, compared to a 3.1 percent expansion in the 2017. GDP Annual Growth Rate in South Korea averaged 7.38 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 2.50 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 1.50 percent in 2020, according to our econometric models.

South Korea GDP Annual Growth Rate
width
height
Forecast Data Chart
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.


Calendar GMT Actual Previous Consensus TEForecast
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 3.1% 2% 2.8% 2.7%
2019-03-04 11:00 PM GDP Growth Rate YoY Final 3.1% 2% 3.1% 3.1%
2019-04-24 11:00 PM GDP Growth Rate YoY Adv 3.1% 2.5%
2019-06-03 11:00 PM GDP Growth Rate YoY Final 3.1% 2.5%
2019-07-24 11:00 PM GDP Growth Rate YoY Adv 2.4%



South Korea Annual GDP Growth Strongest in Over a Year

The South Korean economy expanded 3.1 percent year-on-year in the three months to December 2018, accelerating from a 2.0 percent growth in the previous quarter and in line with the preliminary estimate and market consensus, final data showed. It was the fastest growth rate since the third quarter of 2017, mainly driven by manufacturing; utilities; services and agriculture, forestry & fishing.

On the production side, faster growth was seen in manufacturing (5.5 percent vs 2.8 percent in Q3); utilities (5.0 percent vs 1.9 percent) and services (2.7 percent vs 2.4 percent). Additionally, agriculture, forestry & fishing activities rebounded (3.2 percent vs -2.4 percent in Q3) and construction output contracted less (-5.8 percent vs -8.1 percent).

On the expenditure side, final consumption gained steam, expanding 3.6 percent after 3.0 percent growth in the third quarter, with government spending surging 7.1 percent (vs +4.6 percent) and private spending increasing for the second consecutive period by 2.5 percent. Also, gross fixed investment shrank at a softer pace (-3.8 percent vs -6.6 percent). Meantime, exports jumped 7.2 percent (vs preliminary 6.5 percent and +3.1 percent in Q3) and imports rebounded 2.5 percent (vs -1.8 percent and a above a preliminary +1.6 percent).

On a quearterly basis, the South Korean economy expanded 1.0 percent quarter-on-quarter in the three months to December 2018, up from a 0.6 percent growth in the previous three months.

Considering full 2018, the GDP advanced 2.7 percent, the slowest annual growth since 2012, retreating from a 3.1 percent expansion in 2017.


Bank of Korea | Mario | mario@tradingeconomics.com
3/5/2019 12:15:18 PM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 0.60 7.80 -7.00 percent [+]
GDP Annual Growth Rate 3.10 2.00 20.80 -7.30 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 404060.60 400197.80 404060.60 6626.29 KRW Billion [+]
Gross National Product 426717.50 412026.50 426717.50 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 119779.00 117718.70 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 7286.60 6889.20 7619.80 1627.32 KRW Billion [+]
GDP From Construction 16403.10 16224.60 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 117990.80 117011.40 117990.80 297.74 KRW Billion [+]
GDP From Mining 555.30 502.10 875.80 178.51 KRW Billion [+]
GDP From Public Administration 24320.30 24188.70 24320.30 1673.48 KRW Billion [+]
GDP From Services 213159.30 211734.70 213159.30 4114.29 KRW Billion [+]
GDP From Transport 13458.70 13194.20 13458.70 113.95 KRW Billion [+]
GDP From Utilities 8175.50 7859.00 8175.50 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 March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
3.10 2.00 20.80 -7.30 1961 - 2018 percent Quarterly




Country Last Previous
India 6.60 Dec/18
China 6.40 Dec/18
Indonesia 5.18 Dec/18
South Korea 3.10 Dec/18
United States 3.10 Dec/18
Saudi Arabia 2.50 Sep/18
Spain 2.40 Dec/18
Australia 2.30 Dec/18
Netherlands 2.00 Dec/18
Singapore 1.90 Dec/18
Mexico 1.70 Dec/18
Canada 1.60 Dec/18
Russia 1.50 Sep/18
Switzerland 1.40 Dec/18
United Kingdom 1.30 Dec/18
Brazil 1.10 Dec/18
Euro Area 1.10 Dec/18
South Africa 1.10 Dec/18
France 0.90 Dec/18
Germany 0.60 Dec/18
Japan 0.30 Dec/18
Italy 0.00 Dec/18
Turkey -3.00 Dec/18
Argentina -3.50 Sep/18


Related

Latest