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

The South Korean economy advanced 0.6 percent on quarter in the second quarter of 2017, matching the figure given in the advanced estimates and lower than the 1.1 percent expansion in the previous quarter. On the production side, slower growth was explained by a contraction in construction, manufacturing and primary activity. Contrastingly, utilities returned to growth and services expanded at the faster pace (+0.8 percent) since the fourth quarter of 2015. 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 Economy Expands 0.6% QoQ In Q2


The South Korean economy advanced 0.6 percent on quarter in the second quarter of 2017, matching the figure given in the advanced estimates and lower than the 1.1 percent expansion in the previous quarter. On the production side, slower growth was explained by a contraction in construction, manufacturing and primary activity. Contrastingly, utilities returned to growth and services expanded at the faster pace (+0.8 percent) since the fourth quarter of 2015.

On the supply side, construction contracted 1.3 percent after expanding 5.3 percent in Q1. Manufacturing (-0.3 percent vs +2.1 percent) and primary activity (-1.1 percent vs 5.9 percent) also decreased after growing in the previous quarter. Contrastingly, utilities advanced a solid 3.8 percent after falling by 1.4 percent in the preceding period. Meanwhile, services grew 0.8 percent following 0.2 percent growth in the first quarter.

On the expenditure side, private consumption expanded 1.0 percent in the second quarter of 2017 (compared to 0.4 percent in the previous quarter), accelerating for the second straight quarter. Government spending also grew at a faster pace of 1.1 percent (from 0.5 percent). Contrastingly, gross fixed capital formation expanded 1.8 percent (vs 4.9 percent in Q1), mainly dragged by construction (+0.3 percent vs +6.8 percent). As for trade, exports contracted 2.9 percent after expanding 2.1 percent in the first quarter, while imports declined 1.0 percent following 4.8 percent growth.

Year-on-year, the economy advanced 2.7 percent, also matching the preliminary estimate but below the 2.9 percent expansion in the previous quarter.

Mario | mario@tradingeconomics.com
9/1/2017 11:13:54 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-06-01 11:00 PM GDP Growth Rate QoQ Prel 1.1% 0.5% 0.9% 0.9%
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 0.6% 1.0% 0.5%
2017-11-30 11:00 PM GDP Growth Rate QoQ Final


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 1.10 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.70 2.90 20.80 -7.30 percent [+]
GDP 1411.25 1382.76 1411.33 2.36 USD Billion [+]
GDP Constant Prices 386582.50 384284.60 386582.50 6626.29 KRW Billion [+]
Gross National Product 399158.80 386472.40 410407.80 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 124688.10 122468.40 124688.10 359.12 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 7082.30 7263.80 7681.00 1627.32 KRW Billion [+]
GDP From Construction 17799.30 17856.20 17856.20 279.27 KRW Billion [+]
GDP From Manufacturing 110490.00 110805.00 110805.00 297.74 KRW Billion [+]
GDP From Mining 598.80 577.30 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23151.90 23018.10 23151.90 1673.48 KRW Billion [+]
GDP From Services 204205.10 202240.10 204205.10 4114.29 KRW Billion [+]
GDP From Transport 12773.70 12790.00 12790.00 113.95 KRW Billion [+]
GDP From Utilities 7482.50 7227.00 7621.30 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 October of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.60 1.10 7.80 -7.00 1960 - 2017 percent Quarterly




gdp growth rate by Country

Last
Indonesia 4.00 Jun/17
United States 3.10 Jun/17
Turkey 2.10 Jun/17
China 1.70 Sep/17
Netherlands 1.50 Jun/17
India 1.40 Jun/17
Canada 1.10 Jun/17
Russia 1.08 Jun/17
Spain 0.90 Jun/17
Australia 0.80 Jun/17
Euro Area 0.60 Jun/17
Germany 0.60 Jun/17
Japan 0.60 Jun/17
Mexico 0.60 Jun/17
South Korea 0.60 Jun/17
France 0.50 Jun/17
Italy 0.40 Jun/17
Switzerland 0.30 Jun/17
United Kingdom 0.30 Jun/17
Brazil 0.20 Jun/17