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

The South Korean economy advanced 0.7 percent quarter-on-quarter in the three months to June 2018 after a 1 percent expansion in the previous period and matching market expectations. The slowdown was explained by softer expansions in manufacturing and services and contractions in primary activity and construction, more than offsetting a sharp rebound in utilities, preliminary estimates showed. 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.

South Korea GDP Growth Rate
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South Korea Economy Expands 0.7% QoQ


The South Korean economy advanced 0.7 percent quarter-on-quarter in the three months to June 2018 after a 1 percent expansion in the previous period and matching market expectations. The slowdown was explained by softer expansions in manufacturing and services and contractions in primary activity and construction, more than offsetting a sharp rebound in utilities, preliminary estimates showed.

Slower increases were recorded for manufacturing (+0.7 percent vs +1.6 percent in Q1) and services (+0.6 percent vs +1.1 percent), and contractions in primary activity (-2.5 percent vs +6.0 percent) and construction (-2.3 percent vs +2.1 percent), more than offsetting a sharp rebound in utilities (+9.7 percent vs -7.0 percent).

By expenditure, the softer overall growth was explained by a sharp 2.7 percent decline in gross fixed capital formation (vs +2.0 percent), with facilities falling 6.6 percent (vs +3.4 percent); construction 1.3 percent (vs +1.8 percent); and intellectual property rights 0.7 percent (vs +0.3 percent). Also, final consumption expenditure expanded less (0.3 percent after a 1.1 percent expansion in the first quarter), with both private and public spending rising 0.3 percent. Meantime, exports grew only 0.8 percent (vs +4.4 percent) and imports declined 2.6 percent (vs +4.9 percent).

Year-on-year, the economy advanced 2.9 percent in the second quarter of 2018, slightly above the 2.8 percent in the previous quarter but below the 3 percent expansion expected by consensus.



Mario | mario@tradingeconomics.com
7/26/2018 9:42:39 AM



Calendar GMT Actual Previous Consensus TEForecast
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 0.7% 1% 0.7% 0.8%
2018-09-03 11:00 PM GDP Growth Rate QoQ Final 1% 0.7% 0.7%
2018-10-24 11:00 PM GDP Growth Rate QoQ Adv 1%
2018-12-03 11:00 PM GDP Growth Rate QoQ Final


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.70 1.00 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.90 2.80 19.60 -7.40 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 398335.10 395932.80 398335.10 6626.29 KRW Billion [+]
Gross National Product 394081.60 422891.90 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 123626.60 128329.80 128329.80 359.12 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 7308.10 7531.90 7619.80 1627.32 KRW Billion [+]
GDP From Construction 17334.00 17957.40 17957.40 279.27 KRW Billion [+]
GDP From Manufacturing 114465.30 114019.80 114465.30 297.74 KRW Billion [+]
GDP From Mining 508.70 511.60 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23996.00 23692.70 23996.00 1673.48 KRW Billion [+]
GDP From Services 210827.20 209158.30 210827.20 4114.29 KRW Billion [+]
GDP From Transport 13209.30 13025.00 13209.30 113.95 KRW Billion [+]
GDP From Utilities 7908.80 7326.60 7908.80 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 August of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
0.70 1.00 7.80 -7.00 1960 - 2018 percent Quarterly
SA




GDP growth rate by Country
Country Last
Indonesia 4.21 Jun/18
United States 4.10 Jun/18
Turkey 2.00 Mar/18
India 1.90 Mar/18
China 1.80 Jun/18
Australia 1.00 Mar/18
Russia 0.85 Mar/18
Netherlands 0.70 Jun/18
South Korea 0.70 Jun/18
Spain 0.60 Jun/18
Switzerland 0.60 Mar/18
Germany 0.50 Jun/18
Japan 0.50 Jun/18
Brazil 0.40 Mar/18
Euro Area 0.40 Jun/18
United Kingdom 0.40 Jun/18
Canada 0.30 Mar/18
France 0.20 Jun/18
Italy 0.20 Jun/18
Mexico -0.10 Jun/18


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