South Korea GDP Growth Rate  1960-2018 | Data | Chart | Calendar

The South Korean economy rebounded 1.0 percent quarter-over-quarter in the three months to March 2018 after a 0.2 percent contraction in the previous period, and slightly below the preliminary estimate of 1.1 percent. Growth was driven by increases in manufacturing, construction and services, while utilities output fell. GDP Growth Rate in South Korea averaged 1.80 percent from 1960 until 2018, 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
width
height
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.




South Korea Q1 GDP Growth Revised Lower to 1%


The South Korean economy rebounded 1.0 percent quarter-over-quarter in the three months to March 2018 after a 0.2 percent contraction in the previous period, and slightly below the preliminary estimate of 1.1 percent.

Final figures showed manufacturing rose 1.6 percent in the first quarter, recovering from a 1.7 percent decline in the previous period, boosted by an increase in output of semiconductors and machinery & equipment. Construction also rebounded (2.1 percent vs -1.6 percent in Q4), with increases in residential building and engineering construction. In addition, output growth picked up for both services (1.1 percent vs 0.3 percent), led by growth in finance & insurance and cultural & other services, and agriculture (6.0 percent vs 0.2 percent). In contrast, utilities plunged 7.0 percent after a 0.4 percent expansion in the fourth quarter of last year.

By expenditure, gross fixed investment rebounded 2.0 percent in the first quarter after a 1.2 percent contraction in the previous three months. Construction spending rebounded 1.8 percent (-2.3 percent in Q4), driven by investment in residential building and engineering construction; and facilities investment also jumped 3.4 percent (vs -0.7 percent in Q4), led by the growth of investment in machinery and transportation equipment. On the other hand, investment in intellectual property products rose at a softer pace (0.3 percent vs 1.1 percent). In addition, final consumption expenditure climbed 1.1 percent (vs 0.9 percent in Q4), nudged by government consumption (2.2 percent vs 0.5 percent) while household consumption growth eased (0.7 percent vs 1 percent). Exports climbed 4.4 percent (vs -5.3 percent in Q4), due to higher sales of semiconductors and machinery & equipment, and imports went up at a faster 4.9 percent (vs -2.9 percent in Q4), owing to expansions in imports of natural gas and machinery & equipment.

Year-on-year, the economy advanced 2.8 percent in the first three months of 2018, matching the growth recorded for the previous quarter and the advance estimate. 


Mario | mario@tradingeconomics.com
6/1/2018 9:48:32 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-03-27 11:00 PM GDP Growth Rate QoQ Final -0.2% 1.5% -0.2% -0.2%
2018-04-25 11:00 PM GDP Growth Rate QoQ Adv 1.1% -0.2% 1% 0.50%
2018-05-31 11:00 PM GDP Growth Rate QoQ Final 1% -0.2% 1.1%
2018-07-25 11:00 PM GDP Growth Rate QoQ Adv 1% 0.8%
2018-09-03 11:00 PM GDP Growth Rate QoQ Final 1%
2018-10-24 11:00 PM GDP Growth Rate QoQ Adv 1%


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 -0.20 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.80 2.80 19.60 -7.40 percent [+]
GDP 1411.25 1382.76 1411.33 2.42 USD Billion [+]
GDP Constant Prices 395932.80 391681.40 395932.80 6626.29 KRW Billion [+]
Gross National Product 394081.60 422891.90 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 128329.80 124612.20 128329.80 359.12 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 7531.90 7072.90 7619.80 1627.32 KRW Billion [+]
GDP From Construction 17957.40 17388.90 17957.40 279.27 KRW Billion [+]
GDP From Manufacturing 114019.80 111872.20 114019.80 297.74 KRW Billion [+]
GDP From Mining 511.60 547.40 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23692.70 23456.80 23692.70 1673.48 KRW Billion [+]
GDP From Services 209158.30 207322.50 209158.30 4114.29 KRW Billion [+]
GDP From Transport 13025.00 13106.90 13106.90 113.95 KRW Billion [+]
GDP From Utilities 7326.60 7748.90 7748.90 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 June of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
1.00 -0.20 7.80 -7.00 1960 - 2018 percent Quarterly
SA




GDP growth rate by Country
Country Last
United States 2.20 Mar/18
Turkey 2.00 Mar/18
India 1.90 Mar/18
China 1.40 Mar/18
Mexico 1.10 Mar/18
Australia 1.00 Mar/18
South Korea 1.00 Mar/18
Spain 0.70 Mar/18
Netherlands 0.60 Mar/18
Switzerland 0.60 Mar/18
Brazil 0.40 Mar/18
Euro Area 0.40 Mar/18
Canada 0.30 Mar/18
Germany 0.30 Mar/18
Italy 0.30 Mar/18
France 0.20 Mar/18
United Kingdom 0.10 Mar/18
Japan -0.20 Mar/18
Russia -0.38 Dec/17
Indonesia -0.42 Mar/18


Related

Latest