South Korea GDP Annual Growth Rate  1961-2017 | Data | Chart | Calendar

The South Korean economy expanded 2.7 percent year-on-year in the second quarter of 2017, matching estimates of a 2.7 percent expansion and below 2.9 percent growth in the previous quarter. The slower GDP growth was mainly explained by manufacturing and services, which expanded at a softer pace versus Q1. On the expenditure side, exports contracted marginally and imports and construction expanded at slower rates when compared to the first quarter, offsetting faster growth in consumption. GDP Annual Growth Rate in South Korea averaged 7.49 percent from 1961 until 2017, 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.

South Korea GDP Annual Growth Rate
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South Korea GDP Grows 2.7% YoY To Match Expectations


The South Korean economy expanded 2.7 percent year-on-year in the second quarter of 2017, matching estimates of a 2.7 percent expansion and below 2.9 percent growth in the previous quarter. The slower GDP growth was mainly explained by manufacturing and services, which expanded at a softer pace versus Q1. On the expenditure side, exports contracted marginally and imports and construction expanded at slower rates when compared to the first quarter, offsetting faster growth in consumption.

Manufacturing went up 3.3 percent, below the 4.5 percent in the previous quarter abut still significantly outpacing the 2.3 percent annual growth for the whole 2016 and the 1.8 percent expansion for 2015. Construction also lost steam in second quarter (8.9 percent from 11.3 percent).

Utilities rebounded by 1.3 percent after contracting 1.1 percent in the previous three months. In was the highest expansion rate in three quarter. Meanwhile, services expanded at a faster pace of 1.9 percent (vs 1.7 percent in Q1), also expanding at the highest rate in the last three quarter but still below the 2.3 percent growth observed throughout 2016 and the 2.8 percent expansion for 2015.

On a quarterly basis, the economy expanded 0.6 percent, also matching estimates and below the growth rate for the previous quarter of 1.1 percent.

Mario | mario@tradingeconomics.com
7/27/2017 12:07:49 PM



Calendar GMT Actual Previous Consensus Forecast (i)
2017-04-26 11:00 PM Q1 2.7% 2.4% 2.6% 2.7%
2017-06-01 11:00 PM Q1 2.9% 2.4% 2.7% 2.7%
2017-07-26 11:00 PM Q2 2.7% 2.4% 2.7% 2.9%
2017-08-31 11:00 PM Q2 2.7%
2017-10-25 11:00 PM Q3 2.5%
2017-11-30 11:00 PM Q3


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 1.10 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.70 2.90 20.80 -7.30 percent [+]
GDP 1411.25 1382.76 1411.33 2.36 USD Billion [+]
GDP Constant Prices 386565.20 384284.60 386565.20 6626.29 KRW Billion [+]
Gross National Product 386472.40 410407.80 410407.80 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 125111.40 122468.40 125111.40 359.12 KRW Billion [+]
GDP per capita 25458.90 24870.80 25458.90 944.30 USD [+]
GDP per capita PPP 34985.80 34177.70 34985.80 11632.60 USD [+]
GDP From Agriculture 7082.30 7263.80 7681.00 1627.32 KRW Billion [+]
GDP From Construction 17799.30 17856.20 17856.20 279.27 KRW Billion [+]
GDP From Manufacturing 110581.50 110805.00 110805.00 297.74 KRW Billion [+]
GDP From Mining 598.80 577.30 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23151.90 23018.10 23151.90 1673.48 KRW Billion [+]
GDP From Services 204205.10 202240.10 204205.10 4114.29 KRW Billion [+]
GDP From Transport 12773.70 12790.00 12790.00 113.95 KRW Billion [+]
GDP From Utilities 7482.50 7227.00 7621.30 10.30 KRW Billion [+]


South Korea GDP Annual Growth Rate Notes

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 (around 5.8 percent of GDP); education (5.3 percent of GDP); information and communication (5 percent of GDP); 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 August of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
2.70 2.90 20.80 -7.30 1961 - 2017 percent Quarterly



gdp annual growth rate by Country

Last
China 6.90 Jun/17
India 6.10 Mar/17
Indonesia 5.01 Jun/17
Turkey 5.00 Mar/17
Netherlands 3.30 Jun/17
Spain 3.10 Jun/17
South Korea 2.70 Jun/17
Russia 2.50 Jun/17
Canada 2.30 Mar/17
Euro Area 2.20 Jun/17
Germany 2.10 Jun/17
United States 2.10 Jun/17
Japan 2.00 Jun/17
France 1.80 Jun/17
Mexico 1.80 Jun/17
Australia 1.70 Mar/17
United Kingdom 1.70 Jun/17
Italy 1.50 Jun/17
Switzerland 1.10 Mar/17
Brazil -0.40 Mar/17