South Korea’s GDP grew 0.8 percent on quarter in the three months to June of 2021, compared to 1.7 percent expansion in the previous period and to a preliminary reading of 0.7 percent. The main positive contributions to the GDP came from private consumption (3.6 percent vs 1.2 percent in Q1) and government spending (3.9 percent vs 1.6 percent). Meanwhile, gross fixed capital formation shrank 0.4 percent, after a 2.5 percent rise in the previous period. On the external side, exports fell 2 percent (vs 2 percent in Q1) while imports rose 2.8 percent (vs 2.9 percent in Q1). On an annual basis, GDP expanded 6 percent, the most in a decade. source: The Bank of Korea

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

GDP Growth Rate in South Korea is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. 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


Calendar GMT Actual Previous Consensus TEForecast
2021-04-26 11:00 PM QoQ Adv Q1 1.6% 1.2% 1% 0.9%
2021-06-08 11:00 PM QoQ Final Q1 1.7% 1.1% 1.6%
2021-07-26 11:00 PM QoQ Adv Q2 0.7% 1.7% 0.7% 0.7%
2021-09-01 11:00 PM QoQ Final Q2 0.8% 1.7% 0.7%
2021-10-25 11:00 PM QoQ Adv Q3 0.8% 0.6% 0.4%
2021-12-01 11:00 PM QoQ Final Q3 0.8%


News Stream
South Korea GDP Growth Revised Up
South Korea’s GDP grew 0.8 percent on quarter in the three months to June of 2021, compared to 1.7 percent expansion in the previous period and to a preliminary reading of 0.7 percent. The main positive contributions to the GDP came from private consumption (3.6 percent vs 1.2 percent in Q1) and government spending (3.9 percent vs 1.6 percent). Meanwhile, gross fixed capital formation shrank 0.4 percent, after a 2.5 percent rise in the previous period. On the external side, exports fell 2 percent (vs 2 percent in Q1) while imports rose 2.8 percent (vs 2.9 percent in Q1). On an annual basis, GDP expanded 6 percent, the most in a decade.
2021-09-01
South Korea Q2 GDP Expands 0.7%, In Line with Expectations
South Korea’s economy advanced 0.7 percent on quarter in the three months to June of 2021, following a 1.7 percent growth in the previous period and in line with market expectations, a preliminary estimate showed. Private consumption grew by 3.5 percent, as expenditures on semi-durable goods and services increased, while government expenditure rose by 3.9 percent. Regarding net trade, exports declined by 2.0 percent, due to decreases in motor vehicles and LCDs. Meantime, imports were up by 2.8 percent, owing to increased purchases of basic metals and chemical products. On an annual basis, GDP expanded 5.9 percent after a 1.9 percent gain in the previous quarter.
2021-07-26
South Korea GDP Growth Revised Up
South Korea’s GDP grew 1.7 percent on quarter in the three months to March of 2021, compared to a revised 1.1 percent expansion in the previous period and to a preliminary reading of 1.6 percent. Private consumption grew by 1.2 percent while government expenditure rose by 1.6 percent. Net trade contributed positively to growth, with exports surging by 2.0 percent while imports were up by 2.9 percent. On an annual basis, GDP expanded 1.9 percent after a revised 1.1 percent drop in the previous quarter.
2021-06-08
South Korea Q1 GDP Beats Expectations
South Korea’s economy advanced 1.6 percent on quarter in the three months to March of 2021, following a 1.2 percent growth in the previous period and compared to market consensus of a 1.0 percent expansion, a preliminary estimate showed. Private consumption grew by 1.1 percent, as expenditures on durable goods and non-durable goods increased, while government expenditure rose by 1.7 percent. Net trade contributed positively to growth, with exports surging by 1.9 percent, as shipments of goods such as motor vehicles and mobile phones expanded. Meantime, imports were up by 2.4 percent, owing to increased purchases of machinery & equipment and basic metal products. On an annual basis, GDP expanded 1.8 percent after a 1.2 percent drop in the previous quarter.
2021-04-26

South Korea Last Unit Reference Previous Highest Lowest
GDP Growth Rate 0.80 percent Jun/21 1.70 7.80 -7.00
GDP Annual Growth Rate 6.00 percent Jun/21 1.90 20.80 -7.30
GDP Constant Prices 476244.60 KRW Billion Jun/21 472602.20 476244.60 7059.60
Gross National Product 471381.30 KRW Billion Jun/21 454947.30 481951.90 7478.10
Gross Fixed Capital Formation 142524.10 KRW Billion Jun/21 143147.10 143459.20 376.00


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.