The South Korean economy expanded 3.1 percent year-on-year in the three months to December 2018, accelerating from a 2.0 percent growth in the previous quarter and beating market expectations of 2.8 percent, advanced data showed. It was the fastest growth since the third quarter 2017, mainly nudged by a 5.5 percent expansion in manufacturing (vs 2.8 percent in the previous three months) and 5.5 percent growth in utilities (vs 1.9 percent in Q3). Meantime, services gained steam (2.7 percent vs 2.4 percent) and primary activity rebounded (+2.9 percent vs -2.4 percent). In contrast, construction fell 5.8 percent, following a sharp 8.1 percent decline. For the whole year, GDP expanded 2.7 percent, the slowest annual growth since 2012, compared to 3.1 percent in the previous year. GDP Annual Growth Rate in South Korea averaged 7.38 percent from 1961 until 2018, 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.

GDP Annual Growth Rate in South Korea is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in South Korea to stand at 2.30 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 1.50 percent in 2020, according to our econometric models.

South Korea GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-03 11:00 PM GDP Growth Rate YoY Final 2.8% 2.8% 2.9% 2.9%
2018-10-24 11:00 PM GDP Growth Rate YoY Adv 2% 2.8% 2.2% 2.7%
2018-12-03 11:00 PM GDP Growth Rate YoY Final 2.0% 2.8% 2% 2%
2019-01-21 11:00 PM GDP Growth Rate YoY Adv 3.1% 2% 2.8% 2.7%
2019-03-04 11:00 PM GDP Growth Rate YoY Final 2% 3.1% 3.1%
2019-04-24 11:00 PM GDP Growth Rate YoY Adv 2.5%
2019-06-03 11:00 PM GDP Growth Rate YoY Final 2.5%



South Korea Annual GDP Growth Gains Steam

The South Korean economy expanded 3.1 percent year-on-year in the three months to December 2018, accelerating from a 2.0 percent growth in the previous quarter and beating market expectations of 2.8 percent, advanced data showed.

It was the fastest growth in five quarters, mainly nudged by a 5.5 percent expansion in manufacturing (vs 2.8 percent in the previous three-month period) and a 5.5 percent rise in utilities (vs 1.9 percent in Q3). Meantime, services gained steam (2.7 percent vs 2.4 percent) and primary activity rebounded (+2.9 percent vs -2.4 percent). In contrast, the construction sector shrank 5.8 percent, after a sharp 8.1 percent decline in the prior quarter. 

On the expenditure side, final consumption gained steam, expanding 3.6 percent after 3.0 percent growth in the third quarter, with government spending surging 7.1 percent (vs +4.6 percent) and private spending climbing by 2.5 percent for the second quarter. In contrast, gross fixed investment declined 3.9 percent after a 6.6 percent plunge. Meantime, exports jumped 6.5 percent (vs +3.1 percent) and imports rose at a much slower 1.6 percent (vs -1.8 percent).

For full 2018, the GDP advanced 2.7 percent, the slowest annual growth since 2012, retreating from 3.1 percent in the previous year.


Mario | mario@tradingeconomics.com
1/22/2019 11:55:10 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 0.60 7.80 -7.00 percent [+]
GDP Annual Growth Rate 3.10 2.00 20.80 -7.30 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 404060.60 400197.80 404060.60 6626.29 KRW Billion [+]
Gross National Product 412026.50 406053.70 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 119779.00 117718.70 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 7286.60 6889.20 7619.80 1627.32 KRW Billion [+]
GDP From Construction 16403.10 16224.60 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 117990.80 117011.40 117990.80 297.74 KRW Billion [+]
GDP From Mining 555.30 502.10 875.80 178.51 KRW Billion [+]
GDP From Public Administration 24320.30 24188.70 24320.30 1673.48 KRW Billion [+]
GDP From Services 213159.30 211734.70 213159.30 4114.29 KRW Billion [+]
GDP From Transport 13458.70 13194.20 13458.70 113.95 KRW Billion [+]
GDP From Utilities 8175.50 7859.00 8175.50 10.30 KRW Billion [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
3.10 2.00 20.80 -7.30 1961 - 2018 percent Quarterly




Country Last Previous
India 7.10 Sep/18
China 6.40 Dec/18
Indonesia 5.17 Sep/18
South Korea 3.10 Dec/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Saudi Arabia 2.50 Sep/18
Netherlands 2.40 Sep/18
Spain 2.40 Sep/18
Switzerland 2.40 Sep/18
Singapore 2.20 Dec/18
Canada 2.10 Sep/18
Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
Russia 1.50 Sep/18
United Kingdom 1.50 Sep/18
France 1.40 Sep/18
Brazil 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -3.50 Sep/18


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