South Korea GDP Growth Rate  1960-2017 | Data | Chart | Calendar

The South Korean economy expanded 1.4 percent on quarter in the three months to September of 2017, well above estimates of a 1.0 percent expansion and a 0.6 percent rise for Q2. It is the highest growth rate in seven years, mainly due to rebounds in manufacturing and construction. Meanwhile, utilities lost steam and primary activity plunged the most since the second quarter of 2015, preliminary estimates showed. GDP Growth Rate in South Korea averaged 1.81 percent from 1960 until 2017, 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.

South Korea GDP Growth Rate
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South Korea GDP Growth at 7-Year High of 1.4%


The South Korean economy expanded 1.4 percent on quarter in the three months to September of 2017, well above estimates of a 1.0 percent expansion and a 0.6 percent rise for Q2. It is the highest growth rate in seven years, mainly due to rebounds in manufacturing and construction. Meanwhile, utilities lost steam and primary activity plunged the most since the second quarter of 2015, preliminary estimates showed.

On the supply side, faster growth was mainly triggered by a 2.7 percent rebound in manufacturing (-0.3 percent in Q2), mainly due to an increase in production of semiconductors and chemical products. Construction also rebounded, expanding 1.3 percent vs a 1.3 percent contraction in the previous three months, boosted by residential building construction. Meanwhile, services grew 0.9 percent (0.8 percent in Q2). In contrast, utilities rose at a slower 3.5 percent (3.8 percent in Q2) and agriculture shrank 6.5 percent (-1.1 percent in Q2), as the volume of vegetables and fruits as well as cattle dropped. 

Year-on-year, the economy advanced 3.6 percent, also well above expectations of 3.2 percent and the 2.7 percent figure for the second quarter.

Mario | mario@tradingeconomics.com
10/26/2017 11:10:53 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-07-26 11:00 PM GDP Growth Rate QoQ Adv 0.6% 0.5% 0.6% 0.7%
2017-08-31 11:00 PM GDP Growth Rate QoQ Final 0.6% 1.1% 0.6% 0.6%
2017-10-25 11:00 PM GDP Growth Rate QoQ Adv 1.4% 0.6% 1.0% 0.9%
2017-11-30 11:00 PM GDP Growth Rate QoQ Final 0.6% 1.4% 1.4%


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.40 0.60 7.80 -7.00 percent [+]
GDP Annual Growth Rate 3.60 2.70 20.80 -7.30 percent [+]
GDP 1411.25 1382.76 1411.33 2.36 USD Billion [+]
GDP Constant Prices 392067.20 386582.50 392067.20 6626.29 KRW Billion [+]
Gross National Product 399158.80 386472.40 410407.80 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 126109.20 124688.10 126109.20 359.12 KRW Billion [+]
GDP per capita 25458.90 24870.80 25458.90 944.30 USD [+]
GDP per capita PPP 34985.80 34177.70 34985.80 11632.60 USD [+]
GDP From Agriculture 6720.50 7082.30 7681.00 1627.32 KRW Billion [+]
GDP From Construction 17847.70 17799.30 17856.20 279.27 KRW Billion [+]
GDP From Manufacturing 113516.90 110490.00 113516.90 297.74 KRW Billion [+]
GDP From Mining 560.80 598.80 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23242.90 23151.90 23242.90 1673.48 KRW Billion [+]
GDP From Services 206122.90 204205.10 206122.90 4114.29 KRW Billion [+]
GDP From Transport 13091.60 12773.70 13091.60 113.95 KRW Billion [+]
GDP From Utilities 7833.50 7482.50 7833.50 10.30 KRW Billion [+]


South Korea GDP Growth Rate

South Korea has an export oriented economy. Following the Asian financial crisis in late 90’s, South Korea economy grew at an average 1.1 percent on a quarter over quarter basis, fueled by exports, which account for half of its GDP. South Korea is the world's leading producer of displays and memory semiconductors and the second largest shipbuilding producer. Yet, the high reliance on exports together with a limited domestic market and a rapidly aging population are the main threats to the future growth. This page provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on November of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.40 0.60 7.80 -7.00 1960 - 2017 percent Quarterly




GDP growth rate by Country
Country Last
Indonesia 3.18 Sep/17
United States 3.00 Sep/17
Turkey 2.10 Jun/17
China 1.70 Sep/17
India 1.40 Jun/17
South Korea 1.40 Sep/17
Canada 1.10 Jun/17
Russia 1.08 Jun/17
Australia 0.80 Jun/17
Germany 0.80 Sep/17
Spain 0.80 Sep/17
Euro Area 0.60 Sep/17
France 0.50 Sep/17
Italy 0.50 Sep/17
Netherlands 0.40 Sep/17
United Kingdom 0.40 Sep/17
Japan 0.30 Sep/17
Switzerland 0.30 Jun/17
Brazil 0.20 Jun/17
Mexico -0.20 Sep/17