South Korea’s GDP contracted 1.3 percent on an annual basis in the third quarter of 2020 following a 2.7 percent contraction in the previous period, preliminary data showed. On the expenditure side, consumption dropped further (-2.3 percent vs -1.3 percent in Q2), whereas gross fixed capital formation gained steam (2.6 percent vs 1.9 percent). Exports declined 3.7 percent (vs -13 percent), whereas imports sank 5.3 percent (vs -8.5 percent). On a quarterly basis, activity rebounded 1.9 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase. source: The Bank of Korea
GDP Annual Growth Rate in South Korea averaged 7.23 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 October of 2020.
GDP Annual Growth Rate in South Korea is expected to be -1.20 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 3.50 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 3.00 percent in 2021 and 2.50 percent in 2022, according to our econometric models.