South Korea’s quarterly GDP growth was revised lower to 1.0 percent in the three months to June 2019 from a preliminary estimate of 1.1 percent and compared to a 0.4 percent contraction in the previous period. It was the strongest growth rate since the first quarter of 2018, as manufacturing, construction and utilities output rebounded firmly. GDP Growth Rate in South Korea averaged 1.79 percent from 1960 until 2019, 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 0.80 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 1.20 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
2019-04-24 11:00 PM GDP Growth Rate QoQ Adv Q1 -0.3% 1% 0.3% 0.9%
2019-06-03 11:00 PM GDP Growth Rate QoQ Final Q1 -0.4% 0.9% -0.3% -0.3%
2019-07-24 11:00 PM GDP Growth Rate QoQ Adv Q2 1.1% -0.4% 1% 0.5%
2019-09-02 11:00 PM GDP Growth Rate QoQ Final Q2 1% -0.4% 1.1%
2019-10-23 11:00 PM GDP Growth Rate QoQ Adv Q3 1% 1%
2019-12-02 11:00 PM GDP Growth Rate QoQ Final Q3 1% 1%



South Korea Q2 GDP Growth Revised Slightly Lower

South Korea’s quarterly GDP growth was revised lower to 1.0 percent in the three months to June 2019 from a preliminary estimate of 1.1 percent and compared to a 0.4 percent contraction in the previous period. It was the strongest growth rate since the first quarter of 2018, as manufacturing, construction and utilities output rebounded firmly.

On the production side, manufacturing output grew 1.1 percent (vs preliminary 1.8 percent and -3.3 percent in Q1), mainly due to gains in computer, electronic and optical products; and construction advanced 1.6 percent (vs preliminary 1.4 percent and -1.0 percent in Q1), boosted by an increase in specialized construction. Additionally, utilities output jumped 10.7 percent (vs preliminary 8.3 percent), after showing no growth in the first quarter of the year. Services activity expanded 0.8 percent (vs preliminary 0.6 percent) to match the growth print for the prior quarter, led by health & social work and business activities; while agriculture, forestry & fishing shrank 3.6 percent (vs preliminary -3.7 percent), after expanding 4.7 percent in the previous period.

On the expenditure side, final consumption expenditure rose an unrevised 1.1 percent (vs 0.2 percent in Q1), boosted by both private consumption (0.7 percent vs 0.1 percent in Q1) and government expenditure (2.2 percent vs 0.4 percent in Q1). Gross fixed capital formation went up 1.6 percent (vs preliminary 1.3 percent and -2.8 percent in Q1) led by investment in construction and facilities. Meantime, exports climbed 2.0 percent (vs preliminary 2.3 percent and -3.2 percent in Q1) and imports rose at a faster 2.9 percent (vs preliminary 3.0 percent and -3.4 percent in Q1).

On an annual basis, the economy expanded 2.0 percent in the second quarter, faster than a 1.7 percent growth in the previous quarter, but below the initial estimate of 2.1 percent.


Bank of Korea | Mario | mario@tradingeconomics.com
9/3/2019 11:13:27 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 0.90 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.00 1.70 20.80 -7.30 percent [+]
GDP 1619.42 1530.75 1619.42 2.42 USD Billion [+]
GDP Constant Prices 459813.40 455081.00 459813.40 6626.29 KRW Billion [+]
Gross National Product 450227.40 435887.50 473695.60 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 133364.50 131296.60 143486.50 359.12 KRW Billion [+]
GDP per capita 26761.90 26152.00 26761.90 944.30 USD [+]
GDP per capita PPP 36776.50 35938.40 36776.50 11632.60 USD [+]
GDP From Agriculture 8174.20 8482.70 8635.10 1627.32 KRW Billion [+]
GDP From Construction 22202.10 21855.30 23837.40 279.27 KRW Billion [+]
GDP From Manufacturing 121116.70 119813.10 123853.90 297.74 KRW Billion [+]
GDP From Mining 505.90 523.30 895.20 178.51 KRW Billion [+]
GDP From Public Administration 26855.50 26575.90 26855.50 1673.48 KRW Billion [+]
GDP From Services 256848.50 254896.60 256848.50 4114.30 KRW Billion [+]
GDP From Transport 15521.40 15230.20 15770.30 113.95 KRW Billion [+]
GDP From Utilities 12845.80 11601.30 12845.80 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.00 0.90 7.80 -7.00 1960 - 2019 percent Quarterly
SA




Country Last Previous
Indonesia 4.20 Jun/19
South Africa 3.10 Jun/19
United States 2.00 Jun/19
China 1.60 Jun/19
Turkey 1.20 Jun/19
India 1.00 Jun/19
South Korea 1.00 Jun/19
Canada 0.90 Jun/19
Australia 0.50 Jun/19
Netherlands 0.50 Jun/19
Spain 0.50 Jun/19
Brazil 0.40 Jun/19
France 0.30 Jun/19
Japan 0.30 Jun/19
Switzerland 0.30 Jun/19
Euro Area 0.20 Jun/19
Italy 0.00 Jun/19
Mexico 0.00 Jun/19
Saudi Arabia 0.00 Mar/19
Germany -0.10 Jun/19
United Kingdom -0.20 Jun/19
Argentina -0.30 Jun/19
Russia -0.40 Mar/19
Singapore -3.30 Jun/19


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