South Korea’s economy expanded 0.3% QoQ in the three months to September 2022, the slowest pace in a year as households and businesses held back on spending amid concerns about higher costs and rising interest rates, a final reading showed. Private consumption was up by 1.7%, as expenditures on durable goods (e.g. motor vehicles) and services (e.g. restaurants & accommodation services) both increased. Government consumption rose by 0.1%, with increased expenditures on goods. Construction investment contracted by 0.2%, as as civil engineering decreased. Facilities investment increased by 7.9%, driven by increases in machinery and transportation equipment. Exports rose by 1.1%, as transportations equipment and services increased while semiconductors decreased. Imports were up by 6%, owing to increased imports of crude oil and natural gas. source: The Bank of Korea

GDP Growth Rate in South Korea averaged 1.72 percent from 1960 until 2022, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7.00 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 2022.

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 0.60 percent in 2023 and 0.40 percent in 2024, according to our econometric models.

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South Korea GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-10-26 11:00 PM QoQ Adv Q3 0.3% 0.7% 0.1% 0.1%
2022-11-30 11:00 PM QoQ Final Q3 0.3% 0.7% 0.3% 0.3%


Related Last Previous Unit Reference
GDP Growth Rate 0.30 0.70 percent Sep 2022
GDP Annual Growth Rate 3.10 2.90 percent Sep 2022
GDP Constant Prices 493320.80 491877.60 KRW Billion Sep 2022
Gross National Product 465618.60 455546.70 KRW Billion Jun 2022
Gross Fixed Capital Formation 143091.00 139469.90 KRW Billion Sep 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
0.30 0.70 7.80 -7.00 1960 - 2022 percent Quarterly
SA

News Stream
South Korea Q3 GDP Growth Slows to 1-Year Low
South Korea’s economy expanded 0.3% QoQ in the three months to September 2022, the slowest pace in a year as households and businesses held back on spending amid concerns about higher costs and rising interest rates, a final reading showed. Private consumption was up by 1.7%, as expenditures on durable goods (e.g. motor vehicles) and services (e.g. restaurants & accommodation services) both increased. Government consumption rose by 0.1%, with increased expenditures on goods. Construction investment contracted by 0.2%, as as civil engineering decreased. Facilities investment increased by 7.9%, driven by increases in machinery and transportation equipment. Exports rose by 1.1%, as transportations equipment and services increased while semiconductors decreased. Imports were up by 6%, owing to increased imports of crude oil and natural gas.
2022-11-30
South Korea Q3 GDP Growth Slows to 1-Year Low
South Korea’s economy expanded 0.3% QoQ in the three months to September 2022, the slowest pace in a year as households and businesses held back on spending amid concerns about higher costs and rising interest rates. Still, the third quarter number exceeded expectations for a slower 0.1% growth. Private consumption was up by 1.9%, as expenditures on durable goods (e.g. motor vehicles) and services (e.g. restaurants & accommodation services) both increased. Government consumption rose by 0.2%, with increased expenditures on goods. Construction investment expanded by 0.4%, as non-residential building construction increased. Facilities investment increased by 5%, driven by increases in machinery and transportation equipment. Exports rose by 1%, as transportations equipment and services increased while semiconductors decreased. Imports were up by 5.8%, owing to increased imports of crude oil and machinery & equipment.
2022-10-26
S. Korea Q2 GDP Matches Advance Estimates
South Korea’s economy expanded 0.7% QoQ in the three months to June 2022, matching advance estimates and accelerating from a 0.6% increase in the previous quarter, lifted by strong private consumption amid the relaxation of Covid-19 restrictions. Private consumption was up by 2.9%, as expenditures on semi-durable goods (e.g. clothing & footwear) and services (e.g. recreation & culture, restaurants & accommodation) increased. Government consumption rose by 0.7%, mainly due to increased expenditures on social security benefits in kind. Construction investment expanded by 0.2%, as building construction increased, despite a decrease in civil engineering. Facilities investment grew by 0.5%, as machinery increased, despite a decrease in transportation equipment. Exports fell by 3.1%, as exports of goods such as chemical products and basic metals decreased. Imports declined by 1%, owing to decreased imports of crude oil and natural gas.
2022-08-31