South Korea’s economy expanded 4% year-on-year in the third quarter of 2021, slowing from a decade-high 6% growth in the preceding quarter and lower than consensus forecast of a 4.2% rise. The latest data was consistent with figures given in the advance estimate. Both private consumption (3.3% vs 3.7% in Q2) and fixed investment (1.5% vs 3.8%) increased at a slower pace, weighed down by a resurgence in Covid-19 cases triggered by the Delta variant. On the other hand, government spending picked up (6.5% vs 5.3%). Meanwhile, net trade contributed significantly to growth with exports (7.2% vs 22.4% in Q2) rising faster than imports (6.6% vs 13.7%). On a quarterly basis, the GDP increased 0.3%, after growing 0.8%in the prior period and missing market estimates of a 0.6% rise. source: The Bank of Korea

GDP Annual Growth Rate in South Korea averaged 7.12 percent from 1961 until 2021, reaching an all time high of 20.80 percent in the fourth quarter of 1969 and a record low of -7.30 percent in the second quarter of 1998. This page provides - South Korea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2021.

GDP Annual Growth Rate in South Korea is expected to be 3.00 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 Annual Growth Rate is projected to trend around 2.50 percent in 2022 and 2.90 percent in 2023, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
South Korea GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-10-25 11:00 PM YoY Adv Q3 4% 6% 4.2% 4.0%
2021-12-01 11:00 PM YoY Final Q3 4% 6% 4%
2022-01-25 11:00 PM YoY Adv Q4


Related Last Previous Unit Reference
GDP Growth Rate 0.30 0.80 percent Sep/21
GDP Annual Growth Rate 4.00 6.00 percent Sep/21
GDP Constant Prices 477714.20 476244.60 KRW Billion Sep/21
Gross National Product 470114.50 471381.30 KRW Billion Sep/21
Gross Fixed Capital Formation 139788.00 142524.10 KRW Billion Sep/21

News Stream
South Korea Q3 GDP Annual Growth Rate at 4%
South Korea’s economy expanded 4% year-on-year in the third quarter of 2021, slowing from a decade-high 6% growth in the preceding quarter and lower than consensus forecast of a 4.2% rise. The latest data was consistent with figures given in the advance estimate. Both private consumption (3.3% vs 3.7% in Q2) and fixed investment (1.5% vs 3.8%) increased at a slower pace, weighed down by a resurgence in Covid-19 cases triggered by the Delta variant. On the other hand, government spending picked up (6.5% vs 5.3%). Meanwhile, net trade contributed significantly to growth with exports (7.2% vs 22.4% in Q2) rising faster than imports (6.6% vs 13.7%). On a quarterly basis, the GDP increased 0.3%, after growing 0.8%in the prior period and missing market estimates of a 0.6% rise.
2021-12-01
South Korea GDP Growth Slows More than Expected
South Korea’s economy advanced by 4 percent year-on-year in the third quarter of 2021, slowing from a 6 percent expansion in the previous period, which was the fastest in a decade, a preliminary estimate showed. It compares with market consensus of a 4.2 percent rise. Both private consumption (3.2 percent vs 3.7 percent in Q2) and fixed investment (1.8 percent vs 3.8 percent) increased at a slower pace, weighed down by a resurgence in Covid-19 cases triggered by the Delta variant. On the other hand, government spending picked up (6.3 percent vs 5.3 percent). Meanwhile, net trade contributed significantly to growth with exports (6.9 percent vs 22.4 percent in Q2) rising faster than imports (6.7 percent vs 13.7 percent). On a quarterly basis, the GDP increased 0.3 percent, after growing 0.8 percent in the prior period and missing market estimates of a 0.6 percent rise.
2021-10-25
South Korea GDP Revised Higher in Q2
South Korea’s economy advanced 6 percent year-on-year in the second quarter of 2021, following a 1.9 percent rise in the previous period and slightly higher than a preliminary estimate of 5.9 percent. It was the fastest expansion since the last quarter of 2010, partly due to the low base effect last year, but also due to a positive contribution from trade, as exports jumped 22.4 percent and imports rose 13.7 percent. At the same time, both private consumption (3.7 percent vs 1.2 percent in Q1) and government spending (5.3 percent vs 2.3 percent) increased at a faster pace. Gross fixed capital formation also expanded solidly overall (3.8 percent vs 4 percent). On a quarterly basis, Asia's fourth-largest economy advanced 0.8 percent, following a 1.7 percent gain in the previous quarter.
2021-09-01

South Korea GDP Annual Growth Rate
South Korea’s economy became one of the most diversified and technologically advanced in the world in the last 50 years. Like in most developed countries, 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.