South Korea’s economy advanced 1.6 percent on quarter in the three months to March of 2021, following a 1.2 percent growth in the previous period and compared to market consensus of a 1.0 percent expansion, a preliminary estimate showed. Private consumption grew by 1.1 percent, as expenditures on durable goods and non-durable goods increased, while government expenditure rose by 1.7 percent. Net trade contributed positively to growth, with exports surging by 1.9 percent, as shipments of goods such as motor vehicles and mobile phones expanded. Meantime, imports were up by 2.4 percent, owing to increased purchases of machinery & equipment and basic metal products. On an annual basis, GDP expanded 1.8 percent after a 1.2 percent drop in the previous quarter. source: The Bank of Korea

GDP Growth Rate in South Korea averaged 1.74 percent from 1960 until 2021, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7 percent in the first quarter of 1998. This page provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.

GDP Growth Rate in South Korea is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in South Korea to stand at 0.50 in 12 months time. In the long-term, the South Korea GDP Growth Rate is projected to trend around 1.00 percent in 2022, according to our econometric models.

Ok
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.

Please Paste this Code in your Website
width
height
South Korea GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.60 1.20 7.80 -7.00 1960 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-11-30 11:00 PM QoQ Final Q3 2.1% -3.2% 1.9% 1.9%
2021-01-25 11:00 PM QoQ Adv Q4 1.1% 2.1% 0.7% 1.1%
2021-03-03 11:00 PM QoQ Final Q4 1.2% 2.1% 1.1% 1.1%
2021-04-26 11:00 PM QoQ Adv Q1 1.6% 1.2% 1% 0.9%
2021-06-08 11:00 PM QoQ Final Q1 1.2% 1.6%
2021-07-26 11:00 PM QoQ Adv Q2
2021-09-01 11:00 PM QoQ Final Q2
2021-10-25 11:00 PM QoQ Adv Q3


News Stream
South Korea Q1 GDP Beats Expectations
South Korea’s economy advanced 1.6 percent on quarter in the three months to March of 2021, following a 1.2 percent growth in the previous period and compared to market consensus of a 1.0 percent expansion, a preliminary estimate showed. Private consumption grew by 1.1 percent, as expenditures on durable goods and non-durable goods increased, while government expenditure rose by 1.7 percent. Net trade contributed positively to growth, with exports surging by 1.9 percent, as shipments of goods such as motor vehicles and mobile phones expanded. Meantime, imports were up by 2.4 percent, owing to increased purchases of machinery & equipment and basic metal products. On an annual basis, GDP expanded 1.8 percent after a 1.2 percent drop in the previous quarter.
2021-04-26
South Korea GDP Growth Revised Up
South Korea’s Gross Domestic Product (GDP) grew 1.2 percent on a quarterly basis in the last three months of 2020, compared to a 2.1 percent expansion in the previous period and to a preliminary reading of 1.1 percent, final data showed. The main positive contribution to the GDP came from trade as exports, which accounts for about half of the export-driven economy, advanced 5.4 percent while imports rose at a slower 2.2 percent. Additionally, gross fixed investment rebounded 2.6 percent following a 1.4 percent decline, nudged higher by a 6.5 percent expansion in construction. Meanwhile, private consumption contracted 1.5 percent, while government spending dropped 0.5 percent. On an annual basis, GDP shrank 1.2 percent after a 1.1 percent drop in the previous quarter and a preliminary 1.4 percent fall.
2021-03-03
South Korea Quarterly GDP Growth Loses Steam
South Korea’s Gross Domestic Product (GDP) grew 1.1 percent on a quarterly basis in the last three months of 2020, compared to a 2.1 percent expansion in the previous period and to market consensus of 0.7 percent, preliminary data showed. Private consumption contracted 1.7 percent, while government expenditure dropped 0.4 percent. Meanwhile, gross fixed investment rebounded 2.6 percent following a 1.4 percent decline, nudged higher by a 6.5 percent expansion in construction. On the trade side, exports grew 5.2 percent and imports 2.1 percent. On an annual basis, GDP contracted 1.4 percent after a 1.1 percent drop in the previous quarter, as the coronavirus outbreak weighed.
2021-01-25
South Korea GDP Growth Revised Upwardly
South Korea’s GDP rebounded an upwardly revised 2.1 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 and a preliminary reading of 1.9 percent. Growth was mainly nudged by manufacturing, up 7.9 percent (vs 7.6 preliminary) after an 8.9 percent decline in the previous quarter. Also, services expanded 0.9 percent (vs 0.7 percent prel) after falling 0.9 percent. In contrast, construction (-5.2 percent) and utilities (-6.2 percent) fell further. On the expenditure side, consumption edged down 0.1 percent after growing 1.4 percent, while gross fixed capital formation declined further (-1.4 percent vs -0.4 percent). Growth was mainly explained by exports, up 16.0 percent after plunging 16.1 percent, well above imports (5.6 percent vs -6.7 percent). On an annual basis, the GDP fell by 1.1 percent after dropping by 2.7 percent.
2020-11-30

South Korea GDP Growth Rate
South Korea has an export oriented economy and is the world's leading producer of displays and memory semiconductors and the second largest producer of ships. 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.