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.