South Korea GDP Annual Growth Rate  1961-2018 | Data | Chart | Calendar

The economy of South Korea advanced 2.8 percent year-on-year in the first quarter of 2018, matching the growth recorded for the previous quarter and slightly below market expectations of a 2.9 percent climb, advanced data showed. GDP Annual Growth Rate in South Korea averaged 7.46 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 2.8% YoY in Q1


The economy of South Korea advanced 2.8 percent year-on-year in the first quarter of 2018, matching the growth recorded for the previous quarter and slightly below market expectations of a 2.9 percent climb.

By economic activity, advanced estimates showed manufacturing expanded at a faster 3.0 percent rate, gaining steam from the 2.7 percent growth in the previous quarter. Services also expanded at a higher rate of 3.0 percent, compared to 2.1 percent in the fourth quarter of last year. Agriculture also grew faster (4.6 percent vs 1.5 percent). In contrast, construction grew at a slower 1.3 percent (vs 2.7 percent in Q4 2017) and utilities contracted 0.1 percent after expanding 6.0 percent in the preceding period.

On the expenditure side, consumption expanded at a faster clip of 4.0 percent (vs 3.5 percent in the previous quarter), triggered by a 6.1 percent growth in government consumption; private spending expanded by 3.4 percent for the second quarter. Meantime, exports rebounded 1.6 percent (vs -0.6 percent), while imports grew at a faster rate of 4.7 percent (vs 4.1 percent). In contrast, gross fixed capital formation lost steam and expanded 4.7 percent (vs 5.0 percent).

On a quarterly basis, the economy rebounded 1.1 percent quarter-over-quarter in the three months to March 2018 after a 0.2 percent contraction in the previous quarter and slightly above market expectations of a 1.0 percent climb, advanced data showed. It was the second fastest growth rate in the last ten quarters. 


Mario | mario@tradingeconomics.com
4/25/2018 11:21:16 PM



Calendar GMT Actual Previous Consensus TEForecast
2018-01-24 11:00 PM GDP Growth Rate YoY Adv 3% 3.8% 3% 3.2%
2018-03-27 11:00 PM GDP Growth Rate YoY Final 2.8% 3.8% 3% 3%
2018-04-25 11:00 PM GDP Growth Rate YoY Adv 2.8% 2.8% 2.9% 2.9%
2018-05-31 11:00 PM GDP Growth Rate YoY Prel 2.8% 2.9%
2018-07-25 11:00 PM GDP Growth Rate YoY Adv 2.8% 3.1%
2018-09-03 11:00 PM GDP Growth Rate YoY Final


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.20 1.40 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.80 3.80 20.80 -7.30 percent [+]
GDP 1411.25 1382.76 1411.33 2.42 USD Billion [+]
GDP Constant Prices 391681.40 392515.90 392515.90 6626.29 KRW Billion [+]
Gross National Product 422891.90 412744.60 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 124612.20 126112.60 126112.60 359.12 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 7072.90 7062.10 7619.80 1627.32 KRW Billion [+]
GDP From Construction 17388.90 17674.40 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 111872.20 113805.00 113805.00 297.74 KRW Billion [+]
GDP From Mining 547.40 556.10 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23456.80 23317.50 23456.80 1673.48 KRW Billion [+]
GDP From Services 207322.50 206707.90 207322.50 4114.29 KRW Billion [+]
GDP From Transport 13106.90 13075.60 13106.90 113.95 KRW Billion [+]
GDP From Utilities 7748.90 7719.80 7748.90 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 (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 April of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
2.80 3.80 20.80 -7.30 1961 - 2017 percent Quarterly




GDP annual growth rate by Country
Country Last
Turkey 7.30 Dec/17
India 7.20 Dec/17
China 6.80 Mar/18
Indonesia 5.19 Dec/17
Spain 3.10 Dec/17
Canada 2.90 Dec/17
Germany 2.90 Dec/17
Netherlands 2.90 Dec/17
South Korea 2.80 Dec/17
Euro Area 2.70 Dec/17
United States 2.60 Dec/17
France 2.50 Dec/17
Australia 2.40 Dec/17
Brazil 2.10 Dec/17
Japan 2.00 Dec/17
Switzerland 1.90 Dec/17
Italy 1.60 Dec/17
Mexico 1.50 Dec/17
United Kingdom 1.40 Dec/17
Russia 0.90 Dec/17


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