The South Korean economy advanced 2.0 percent year-on-year in the second quarter of 2019, compared to a preliminary estimate of 2.1 percent and following a 1.7 percent expansion in the previous period. Growth was mainly boosted by utilities and services, while manufacturing growth slowed. 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 2.00 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 2.40 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 2.80 percent in 2020, according to our econometric models.

South Korea GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-24 11:00 PM GDP Growth Rate YoY Adv Q1 1.8% 3.1% 2.5% 1.5%
2019-06-03 11:00 PM GDP Growth Rate YoY Final Q1 1.7% 2.9% 1.8% 1.8%
2019-07-24 11:00 PM GDP Growth Rate YoY Adv Q2 2.1% 1.7% 2% 1.6%
2019-09-02 11:00 PM GDP Growth Rate YoY Final Q2 2% 1.7% 2.1%
2019-10-23 11:00 PM GDP Growth Rate YoY Adv Q3 2% 2.4% 2.2%
2019-12-02 11:00 PM GDP Growth Rate YoY Final Q3 2% 2.1%



South Korea Q2 GDP Annual Growth Rate at 2%

The South Korean economy advanced 2.0 percent year-on-year in the second quarter of 2019, compared to a preliminary estimate of 2.1 percent and following a 1.7 percent expansion in the previous period. Growth was mainly boosted by utilities and services, while manufacturing growth slowed.

On the production side, growth was driven by utilities (13.3 percent vs 6.8 percent in Q1) and services (2.7 percent vs 2.3 percent). Meanwhile, the expansion slowed for manufacturing (0.8 percent vs 1.3 percent) and agriculture, forestry and fishing (0.4 percent vs 1.6 percent). In addition, construction output shrank for the seventh consecutive period (-3.6 percent vs -7.0 percent).

On the expenditure side, private consumption advanced 2.0 percent (vs 1.9 percent in Q1) and government spending rose 7.0 percent (vs 5.5 percent in Q1). Gross fixed capital formation declined for the sixth straight quarter (-3.4 percent vs -8.6 percent). Meantime, exports grew 1.2 percent (vs -0.2 percent in Q1) while imports were unchanged (vs -5.1 percent in Q1).

On a quarterly basis, the GDP expanded 1.0 percent, rebounding from a 0.4 percent contraction in the prior quarter and compared to the preliminary estimate of 1.1 percent.


Bank of Korea | Mario | mario@tradingeconomics.com
9/3/2019 11:30:47 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 0.90 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.00 1.70 20.80 -7.30 percent [+]
GDP 1619.42 1530.75 1619.42 2.42 USD Billion [+]
GDP Constant Prices 459813.40 455081.00 459813.40 6626.29 KRW Billion [+]
Gross National Product 450227.40 435887.50 473695.60 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 133364.50 131296.60 143486.50 359.12 KRW Billion [+]
GDP per capita 26761.90 26152.00 26761.90 944.30 USD [+]
GDP per capita PPP 36776.50 35938.40 36776.50 11632.60 USD [+]
GDP From Agriculture 8174.20 8482.70 8635.10 1627.32 KRW Billion [+]
GDP From Construction 22202.10 21855.30 23837.40 279.27 KRW Billion [+]
GDP From Manufacturing 121116.70 119813.10 123853.90 297.74 KRW Billion [+]
GDP From Mining 505.90 523.30 895.20 178.51 KRW Billion [+]
GDP From Public Administration 26855.50 26575.90 26855.50 1673.48 KRW Billion [+]
GDP From Services 256848.50 254896.60 256848.50 4114.30 KRW Billion [+]
GDP From Transport 15521.40 15230.20 15770.30 113.95 KRW Billion [+]
GDP From Utilities 12845.80 11601.30 12845.80 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 October of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.00 1.70 20.80 -7.30 1961 - 2019 percent Quarterly
2015=100, SA




Country Last Previous
China 6.00 Sep/19
Indonesia 5.05 Jun/19
India 5.00 Jun/19
United States 2.30 Jun/19
South Korea 2.00 Jun/19
Spain 2.00 Jun/19
Netherlands 1.80 Jun/19
Canada 1.60 Jun/19
Australia 1.40 Jun/19
France 1.40 Jun/19
United Kingdom 1.30 Jun/19
Euro Area 1.20 Jun/19
Brazil 1.00 Jun/19
Japan 1.00 Jun/19
Russia 0.90 Jun/19
South Africa 0.90 Jun/19
Argentina 0.60 Jun/19
Saudi Arabia 0.50 Jun/19
Germany 0.40 Jun/19
Switzerland 0.20 Jun/19
Singapore 0.10 Sep/19
Italy -0.10 Jun/19
Mexico -0.80 Jun/19
Turkey -1.50 Jun/19


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