The South Korean economy advanced 0.6 percent quarter-on-quarter in the three months to September 2018, the same pace as in the previous period, matching market consensus and the preliminary reading, final data showed. Growth was mainly driven by a strong 2.3 percent expansion in manufacturing (vs +0.6 percent in the previous period), more than offsetting contractions in utilities, construction, and primary activity. Services grew by 0.5 percent for the second straight period. On an annual basis, the economy expanded 2.0 percent (unchanged from a preliminary reading), slowing from a 2.8 percent growth in the previous three months and in line with market expectations. GDP Growth Rate in South Korea averaged 1.79 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.

GDP Growth Rate in South Korea is expected to be 0.90 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 2020, according to our econometric models.

South Korea GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-07-25 11:00 PM GDP Growth Rate QoQ Adv 0.7% 1% 0.7% 0.8%
2018-09-03 11:00 PM GDP Growth Rate QoQ Final 0.6% 1% 0.7% 0.7%
2018-10-24 11:00 PM GDP Growth Rate QoQ Adv 0.6% 0.6% 0.7% 1%
2018-12-03 11:00 PM GDP Growth Rate QoQ Final 0.6% 0.6% 0.6% 0.6%
2019-01-24 11:00 PM GDP Growth Rate QoQ Adv 0.90%
2019-03-27 11:00 PM GDP Growth Rate QoQ Final 0.6% 0.90%
2019-04-25 11:00 PM GDP Growth Rate QoQ Adv 0.80%



South Korea Q3 GDP Growth Confirmed at 0.6% QoQ


The South Korean economy advanced 0.6 percent quarter-on-quarter in the three months to September 2018, the same pace as in the previous period and matching market consensus and the preliminary reading, final data showed.

Growth was mainly driven by a strong 2.3 percent expansion in manufacturing (vs +0.6 percent in the previous period), more than offsetting contractions in utilities (-0.4 percent vs 9.4 percent in Q2), construction (-5.7 percent vs -3.1 percent), and primary activity (-5.5 percent vs -2.8 percent). Meantime, services grew by 0.5 percent for the second straight period.

On the expenditure side, government spending rose 1.5 percent (vs 0.3 percent in Q2 vs preliminary 1.6 percent) and private expenditure 0.5 percent (vs 0.3 percent in Q2 vs preliminary 0.6 percent), whereas gross fixed capital formation plunged 4.6 percent (vs -2.9 percent in Q2 vs preliminary 4.5 percent), mainly dragged by a 6.7 percent contraction in construction (vs -2.1 percent in Q2 vs preliminary 6.4 percent). Exports grew 3.9 percent while imports edged down 0.7 percent.


On an annual basis, the economy expanded 2.0 percent (unchanged from preliminary) slowing from a 2.8 percent growth in the previous three months and in line with market expectations.


Bank of Korea | Mario | mario@tradingeconomics.com
12/4/2018 10:52:40 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 0.60 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.00 2.80 20.80 -7.30 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 400197.80 397959.20 400197.80 6626.29 KRW Billion [+]
Gross National Product 412026.50 406053.70 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 117718.70 123422.80 127086.00 359.12 KRW Billion [+]
GDP per capita 26152.03 25484.00 26152.03 944.30 USD [+]
GDP per capita PPP 35938.37 35020.40 35938.37 11632.60 USD [+]
GDP From Agriculture 6889.20 7286.80 7619.80 1627.32 KRW Billion [+]
GDP From Construction 16224.60 17199.30 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 117011.40 114354.10 117011.40 297.74 KRW Billion [+]
GDP From Mining 502.10 526.50 875.80 178.51 KRW Billion [+]
GDP From Public Administration 24188.70 23995.10 24188.70 1673.48 KRW Billion [+]
GDP From Services 211734.70 210746.10 211734.70 4114.29 KRW Billion [+]
GDP From Transport 13194.20 13204.60 13204.60 113.95 KRW Billion [+]
GDP From Utilities 7859.00 7890.00 7890.00 10.30 KRW Billion [+]


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. 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 December of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
0.60 0.60 7.80 -7.00 1960 - 2018 percent Quarterly
SA




Country Last Previous
United States 3.50 Sep/18
Indonesia 3.09 Sep/18
Singapore 3.00 Sep/18
South Africa 2.20 Sep/18
India 1.90 Jun/18
China 1.60 Sep/18
Russia 0.90 Jun/18
Brazil 0.80 Sep/18
Mexico 0.80 Sep/18
South Korea 0.60 Sep/18
Spain 0.60 Sep/18
United Kingdom 0.60 Sep/18
Canada 0.50 Sep/18
France 0.40 Sep/18
Australia 0.30 Sep/18
Euro Area 0.20 Sep/18
Netherlands 0.20 Sep/18
Saudi Arabia -0.05 Mar/18
Italy -0.10 Sep/18
Germany -0.20 Sep/18
Switzerland -0.20 Sep/18
Japan -0.60 Sep/18
Turkey -1.10 Sep/18
Argentina -4.00 Jun/18


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