South Korea’s Gross Domestic Product (GDP) grew 1.2 percent on a quarterly basis in the last three months of 2020, compared to a 2.1 percent expansion in the previous period and to a preliminary reading of 1.1 percent, final data showed. The main positive contribution to the GDP came from trade as exports, which accounts for about half of the export-driven economy, advanced 5.4 percent while imports rose at a slower 2.2 percent. Additionally, gross fixed investment rebounded 2.6 percent following a 1.4 percent decline, nudged higher by a 6.5 percent expansion in construction. Meanwhile, private consumption contracted 1.5 percent, while government spending dropped 0.5 percent. On an annual basis, GDP shrank 1.2 percent after a 1.1 percent drop in the previous quarter and a preliminary 1.4 percent fall. source: The Bank of Korea

GDP Growth Rate in South Korea averaged 1.74 percent from 1960 until 2020, 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 March of 2021.

GDP Growth Rate in South Korea is expected to be 0.60 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 1.00 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.

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South Korea GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.20 2.10 7.80 -7.00 1960 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-10-26 11:00 PM QoQ Adv Q3 1.9% -3.2% 1.7% 1.6%
2020-11-30 11:00 PM QoQ Final Q3 2.1% -3.2% 1.9% 1.9%
2021-01-25 11:00 PM QoQ Adv Q4 1.1% 2.1% 0.7% 1.1%
2021-03-03 11:00 PM QoQ Final Q4 1.2% 2.1% 1.1% 1.1%
2021-04-26 11:00 PM QoQ Adv Q1 1.2%
2021-06-08 11:00 PM QoQ Final Q1 1.2%
2021-07-26 11:00 PM QoQ Adv Q2
2021-09-01 11:00 PM QoQ Final Q2
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
South Korea GDP Growth Revised Up
South Korea’s Gross Domestic Product (GDP) grew 1.2 percent on a quarterly basis in the last three months of 2020, compared to a 2.1 percent expansion in the previous period and to a preliminary reading of 1.1 percent, final data showed. The main positive contribution to the GDP came from trade as exports, which accounts for about half of the export-driven economy, advanced 5.4 percent while imports rose at a slower 2.2 percent. Additionally, gross fixed investment rebounded 2.6 percent following a 1.4 percent decline, nudged higher by a 6.5 percent expansion in construction. Meanwhile, private consumption contracted 1.5 percent, while government spending dropped 0.5 percent. On an annual basis, GDP shrank 1.2 percent after a 1.1 percent drop in the previous quarter and a preliminary 1.4 percent fall.
2021-03-03
South Korea Quarterly GDP Growth Loses Steam
South Korea’s Gross Domestic Product (GDP) grew 1.1 percent on a quarterly basis in the last three months of 2020, compared to a 2.1 percent expansion in the previous period and to market consensus of 0.7 percent, preliminary data showed. Private consumption contracted 1.7 percent, while government expenditure dropped 0.4 percent. Meanwhile, gross fixed investment rebounded 2.6 percent following a 1.4 percent decline, nudged higher by a 6.5 percent expansion in construction. On the trade side, exports grew 5.2 percent and imports 2.1 percent. On an annual basis, GDP contracted 1.4 percent after a 1.1 percent drop in the previous quarter, as the coronavirus outbreak weighed.
2021-01-25
South Korea GDP Growth Revised Upwardly
South Korea’s GDP rebounded an upwardly revised 2.1 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase and a preliminary reading of 1.9 percent. Growth was mainly nudged by manufacturing, up 7.9 percent (vs 7.6 preliminary) after an 8.9 percent decline in the previous quarter. Also, services expanded 0.9 percent (vs 0.7 percent prel) after falling 0.9 percent. In contrast, construction (-5.2 percent) and utilities (-6.2 percent) fell further. On the expenditure side, consumption edged down 0.1 percent after growing 1.4 percent, while gross fixed capital formation declined further (-1.4 percent vs -0.4 percent). Growth was mainly explained by exports, up 16.0 percent after plunging 16.1 percent, well above imports (5.6 percent vs -6.7 percent). On an annual basis, the GDP fell by 1.1 percent after dropping by 2.7 percent.
2020-11-30
South Korea GDP Rebounds Nudged by Exports
South Korea’s GDP rebounded 1.9 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase. Growth was mainly nudged by manufacturing, up 7.6 percent after an 8.9 percent decline in the previous quarter. Also, services expanded 0.7 percent after falling 0.9 percent. In contrast, construction (-5.5 percent vs -0.3 percent) and utilities (-7.4 percent vs 0.1 percent) fell further. On the expenditure side, consumption edged down 0.1 percent after growing 1.4 percent, while gross fixed capital formation declined further (-1.9 percent vs -0.4 percent). Growth was mainly explained by exports, up 15.6 percent after plunging 16.1 percent, well above imports (4.9 percent vs -6.7 percent). On an annual basis, the GDP fell by 1.3 percent after dropping by 2.7 percent.
2020-10-26

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.