The South Korean economy expanded 1.8 percent year-on-year in the three months to March 2019, easing from a 3.1 percent growth in the previous quarter and well below market expectations of a 2.5 percent expansion, advanced data showed. It was the weakest growth rate since the third quarter of 2009, amid a sharp contraction in the construction sector and a slowdown in manufacturing. GDP Annual Growth Rate in South Korea averaged 7.35 percent from 1961 until 2019, 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 2.40 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 2.00 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
2018-12-03 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 3.1% 2% 3.1% 3.1%
2019-04-24 11:00 PM GDP Growth Rate YoY Adv 1.8% 3.1% 2.5% 1.5%
2019-06-03 11:00 PM GDP Growth Rate YoY Final 3.1% 2.5%
2019-07-24 11:00 PM GDP Growth Rate YoY Adv 2.4%
2019-09-02 11:00 PM GDP Growth Rate YoY Final 2.4%



South Korea Annual GDP Growth Weakest Since 2009

The South Korean economy expanded 1.8 percent year-on-year in the three months to March 2019, easing from a 3.1 percent growth in the previous quarter and well below market expectations of a 2.5 percent expansion, advanced data showed. It was the weakest growth rate since the third quarter of 2009, amid a sharp contraction in the construction sector and a slowdown in manufacturing.

On the production side, a slowdown was seen in all sector excluding construction, which shrank further. Manufacturing activity advanced 1.4 percent after a 5.5 percent expansion in the fourth quarter of 2018, and utilities increased 3.9 percent easing from 5.0 percent gain. Also, primary activity expanded 2.3 percent, following a 3.2 percent growth in the prior quarter; and services rose 2.6 percent, slightly below from a 2.7 percent gain. Additionally, construction plunged 7.9 percent after sinking 5.8 percent in Q4, contracting for the fourth consecutive quarter.

On the expenditure side, final consumption expenditure grew 2.7 percent after a 3.6 percent expansion in the last quarter of 2018, as private consumption slowed to 1.9 percent from 2.5 percent, and government spending growth moderated to 5.2 percent after a 7.1 percent jump. In addition, gross fixed capital formation plummeted 8.4 percent after dropping 3.8 percent in Q4, with facilities plunging 16.1 percent (vs -2.7 percent). Meantime, exports edged up 0.2 percent (vs +7.2 percent) and imports fell 5.4 percent (vs +2.5 percent). 

On a quarterly basis, GDP shrank 0.3 percent quarter-on-quarter in the three months to March 2019, after a 1.0 percent expansion in the previous three months and missing market consensus of 0.3 percent growth.


Bank of Korea | Mario | mario@tradingeconomics.com
4/25/2019 10:58:02 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.30 1.00 7.80 -7.00 percent [+]
GDP Annual Growth Rate 1.80 3.10 20.80 -7.30 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 402678.40 404060.60 404060.60 6626.29 KRW Billion [+]
Gross National Product 426717.50 412026.50 426717.50 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 116588.20 119779.00 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 7649.60 7286.60 7649.60 1627.32 KRW Billion [+]
GDP From Construction 16318.90 16403.10 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 115279.20 117990.80 117990.80 297.74 KRW Billion [+]
GDP From Mining 579.30 555.30 875.80 178.51 KRW Billion [+]
GDP From Public Administration 24576.30 24320.30 24576.30 1673.48 KRW Billion [+]
GDP From Services 215013.70 213159.30 215013.70 4114.29 KRW Billion [+]
GDP From Transport 13243.60 13458.70 13458.70 113.95 KRW Billion [+]
GDP From Utilities 7550.70 8175.50 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 May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.80 3.10 20.80 -7.30 1961 - 2019 percent Quarterly




Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.07 Mar/19
Saudi Arabia 3.60 Dec/18
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 2.30 Dec/18
South Korea 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
Mexico 1.30 Mar/19
Singapore 1.30 Mar/19
Euro Area 1.20 Mar/19
Brazil 1.10 Dec/18
France 1.10 Mar/19
South Africa 1.10 Dec/18
Japan 0.80 Mar/19
Germany 0.70 Mar/19
Russia 0.50 Mar/19
Italy 0.10 Mar/19
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18


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