South Korea’s economy expanded 0.3% quarter-on-quarter in the three months to September of 2021, slowing from a 0.8% growth in the previous quarter, consistent with figures given in the advance estimate. The third quarter growth fell short of market estimates for a 0.6% rise, and increased at the weakest pace since the second quarter of 2020. Private consumption contracted by 0.2%, as expenditures on non-durable goods (e.g. food) increased but services (e.g. restaurants & accommodation, recreation & culture) decreased. Construction investment contracted by 3.5%, as civil engineering decreased. Facilities investment fell by 2.4%, driven by a decrease in transportation equipment. Conversely, government consumption rose by 1.3%, mainly due to increased expenditures on goods. Exports went up by 1.8%, due to increases in coal & petroleum products and machinery & equipment. Imports fell by 0.7%, owing to decreased imports of transport equipment (e.g. motor vehicles). source: The Bank of Korea

GDP Growth Rate in South Korea averaged 1.73 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 December of 2021.

GDP Growth Rate in South Korea is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea GDP Growth Rate is projected to trend around 0.80 percent in 2022 and 1.00 percent in 2023, according to our econometric models.

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South Korea GDP Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-10-25 11:00 PM QoQ Adv Q3 0.3% 0.8% 0.6% 0.4%
2021-12-01 11:00 PM QoQ Final Q3 0.3% 0.8% 0.3%
2022-01-25 11:00 PM QoQ Adv Q4


Related Last Previous Unit Reference
GDP Growth Rate 0.30 0.80 percent Sep/21
GDP Annual Growth Rate 4.00 6.00 percent Sep/21
GDP Constant Prices 477714.20 476244.60 KRW Billion Sep/21
Gross National Product 471381.30 454947.30 KRW Billion Jun/21
Gross Fixed Capital Formation 139788.00 142524.10 KRW Billion Sep/21

News Stream
South Korea Q3 GDP Quarterly Growth Rate at 0.3%
South Korea’s economy expanded 0.3% quarter-on-quarter in the three months to September of 2021, slowing from a 0.8% growth in the previous quarter, consistent with figures given in the advance estimate. The third quarter growth fell short of market estimates for a 0.6% rise, and increased at the weakest pace since the second quarter of 2020. Private consumption contracted by 0.2%, as expenditures on non-durable goods (e.g. food) increased but services (e.g. restaurants & accommodation, recreation & culture) decreased. Construction investment contracted by 3.5%, as civil engineering decreased. Facilities investment fell by 2.4%, driven by a decrease in transportation equipment. Conversely, government consumption rose by 1.3%, mainly due to increased expenditures on goods. Exports went up by 1.8%, due to increases in coal & petroleum products and machinery & equipment. Imports fell by 0.7%, owing to decreased imports of transport equipment (e.g. motor vehicles).
2021-12-01
South Korea Q3 GDP Expands 0.3%, Below Estimates
South Korea’s economy expanded by 0.3 percent on quarter in the three months to September of 2021, following a 0.8 percent growth in the previous period and below market expectations of a 0.6 percent rise, a preliminary estimate showed. It was the weakest pace of growth since the second quarter of 2020. Private consumption contracted by 0.3 percent, as expenditures on durable goods increased but services decreased amid the reintroduction of tougher Covid-19 restrictions, and fixed investment shrank 1.9 percent. Conversely, government spending increased 1.1 percent. Net trade contributed positively to growth, with exports surging by 1.5 percent while imports were down by 0.6 percent. On an annual basis, the GDP advanced by 4 percent following a 6 percent growth in the previous period, which was the fastest in a decade.
2021-10-25
South Korea GDP Growth Revised Up
South Korea’s GDP grew 0.8 percent on quarter in the three months to June of 2021, compared to 1.7 percent expansion in the previous period and to a preliminary reading of 0.7 percent. The main positive contributions to the GDP came from private consumption (3.6 percent vs 1.2 percent in Q1) and government spending (3.9 percent vs 1.6 percent). Meanwhile, gross fixed capital formation shrank 0.4 percent, after a 2.5 percent rise in the previous period. On the external side, exports fell 2 percent (vs 2 percent in Q1) while imports rose 2.8 percent (vs 2.9 percent in Q1). On an annual basis, GDP expanded 6 percent, the most in a decade.
2021-09-01

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.