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.