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

The South Korean economy advanced 1.1 percent on quarter in the first three months of 2017, higher than preliminary estimates of a 0.9 percent expansion. Growth outpaced tandem 0.5 percent expansions in the previous two quarters and is the highest since the third quarter of 2015. On the production side, faster growth was explained by improvements in all components, excluding services, which kept growing at the same pace versus the preceding quarter. Construction expanded at a much faster pace of 5.3 percent (vs 4 percent in the initial estimate and 1.3 percent in Q4). GDP Growth Rate in South Korea averaged 1.82 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
Please Paste this Code in your Website
width
height
Receive the next reported value for South Korea GDP Growth Rate in you Inbox



We will not not share your email with third parties and you can unsubscribe at any time.
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.



Calendar GMT Actual Previous Consensus Forecast (i)
2017-03-27 11:00 PM Q4 0.5% 0.6% 0.4% 0.4%
2017-04-26 11:00 PM Q1 0.9% 0.5% 0.7% 0.6%
2017-06-01 11:00 PM Q1 1.1% 0.5% 0.9% 0.9%
2017-07-26 11:00 PM Q2 1.1% 0.4%
2017-08-31 11:00 PM Q2 1.1%
2017-10-25 11:00 PM Q3 0.5%




South Korea GDP Surprisingly Expands 1.1% QoQ In Q1


The South Korean economy advanced 1.1 percent on quarter in the first three months of 2017, higher than preliminary estimates of a 0.9 percent expansion. Growth outpaced tandem 0.5 percent expansions in the previous two quarters and is the highest since the third quarter of 2015. On the production side, faster growth was explained by improvements in all components, excluding services, which kept growing at the same pace versus the preceding quarter. Construction expanded at a much faster pace of 5.3 percent (vs 4 percent in the initial estimate and 1.3 percent in Q4).

On the supply side, services edged up 0.2 percent in the first quarter of 2017, matching than the 0.2 percent in the last three months of 2016. Contrastingly, construction grew at a much faster pace of 5.3 percent (from 1.3 percent). Manufacturing also gained steam in the first three months of 2017, growing 2.1 percent after expanding 1.8 percent in the previous quarter. Meanwhile, agriculture rebounded in Q1, rising 5.9 percent after contracting 1.8 percent. As for utilities, the 1.4 percent fall was softer than the preceding 3.0 percent decline.

On the expenditure side, private consumption expanded 0.4 percent in the first quarter of 2017 (compared to 0.2 percent in the previous quarter). Government spending grew at a softer pace of 0.5 percent (from 0.6 percent). Meanwhile, gross fixed capital formation expanded 4.9 percent following a 1.0 percent increase in the preceding quarter, with construction leading the way (+6.8 percent from -1.2 percent). Exports rebounded by 2.1 percent after a slight 0.1 percent contraction in the previous three months. Imports also rebounded markedly, increasing by 4.8 percent after also contracting 0.1 percent in the last three months of 2016.

Year-on-year, the economy advanced 2.9 percent, also outpacing initial estimates of a 2.7 percent expansion and above the 2.4 percent growth of the previous quarter.

Mario | mario@tradingeconomics.com
6/1/2017 11:30:23 PM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.10 0.50 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.90 2.40 20.80 -7.30 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 384284.60 380244.90 384284.60 6626.29 KRW Billion [+]
Gross National Product 386472.40 410407.80 410407.80 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 122468.40 116760.30 122468.40 359.12 KRW Billion [+]
GDP per capita 25022.80 24479.24 25022.80 1102.53 USD [+]
GDP per capita PPP 34386.57 33639.61 34386.57 12086.76 USD [+]
GDP From Agriculture 7263.80 6857.10 7681.00 1627.32 KRW Billion [+]
GDP From Construction 17856.20 16953.90 17856.20 279.27 KRW Billion [+]
GDP From Manufacturing 110805.00 108549.80 110805.00 297.74 KRW Billion [+]
GDP From Mining 577.30 582.80 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23018.10 22778.50 23018.10 1673.48 KRW Billion [+]
GDP From Services 202240.10 202138.90 202240.10 4114.29 KRW Billion [+]
GDP From Transport 12790.00 12775.50 12790.00 113.95 KRW Billion [+]
GDP From Utilities 7227.00 7391.50 7621.30 10.30 KRW Billion [+]


South Korea GDP Growth Rate Notes

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 June of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.10 0.50 7.80 -7.00 1960 - 2017 percent Quarterly



gdp growth rate by Country

Last
India 1.50 Mar/17
Turkey 1.40 Mar/17
China 1.30 Mar/17
United States 1.20 Mar/17
South Korea 1.10 Mar/17
Brazil 1.00 Mar/17
Canada 0.90 Mar/17
Spain 0.80 Mar/17
Mexico 0.70 Mar/17
Euro Area 0.60 Mar/17
Germany 0.60 Mar/17
France 0.50 Mar/17
Italy 0.40 Mar/17
Netherlands 0.40 Mar/17
Australia 0.30 Mar/17
Japan 0.30 Mar/17
Switzerland 0.30 Mar/17
United Kingdom 0.20 Mar/17
Indonesia -0.34 Mar/17
Russia -0.57 Sep/15