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.