The South Korean economy expanded 2.0 percent year-on-year in the three months to September 2018, slowing from a 2.8 percent growth in the previous quarter and below estimates of 2.2 percent. It was the weakest growth rate in nine years, as construction plunged 7.8 percent. On the expenditure side, softer growth was mainly explained by a 6.5 percent contraction in gross fixed capital formation. GDP Annual Growth Rate in South Korea averaged 7.39 percent from 1961 until 2018, reaching an all time high of 19.60 percent in the fourth quarter of 1969 and a record low of -7.40 percent in the second quarter of 1998.

GDP Annual Growth Rate in South Korea is expected to be 2.80 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 2.90 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.

South Korea GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-07-25 11:00 PM GDP Growth Rate YoY Adv 2.9% 2.8% 3% 3.1%
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 2.8% 2% 2%



South Korea Economy Grows at 9-Year Low


The South Korean economy expanded 2.0 percent year-on-year in the three months to September 2018, slowing from a 2.8 percent growth in the previous quarter and below estimates of 2.2 percent. It was the weakest growth rate in nine years, as construction plunged 7.8 percent.

On the production side, softer growth was observed in manufacturing (2.8 percent vs 3.2 percent in Q2), services (2.4 percent vs 3.0 percent), and utilities (2.2 percent vs 3.9 percent). In addition, construction shrank 7.8 percent, more than a 1.6 percent contraction in the previous period.

On the expenditure side, softer growth was mainly explained by a 6.5 percent plunge in gross fixed capital formation (vs -1.3 percent). Also, final consumption grew 3.2 percent, after rising 3.3 percent in the second quarter of the year, driven by a slowdown in private consumption (2.6 percent vs 2.8 percent) and government spending (4.7 percent vs 4.8 percent in Q2). Meantime, exports grew 3.1 percent (vs 4.8 percent) and imports dropped 1.2 percent (vs +2.0 percent).

On a quarterly basis, the economy advanced 0.6 percent quarter-on-quarter in the three months to September 2018, the same pace as in the previous period and slightly below market expectations of 0.7 percent.



Mario | mario@tradingeconomics.com
10/25/2018 9:23:42 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 0.60 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.00 2.80 19.60 -7.40 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 400234.60 397959.20 400234.60 6626.29 KRW Billion [+]
Gross National Product 406053.70 394081.60 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 117824.70 123422.80 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 6932.40 7286.80 7619.80 1627.32 KRW Billion [+]
GDP From Construction 16285.10 17199.30 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 116974.90 114354.10 116974.90 297.74 KRW Billion [+]
GDP From Mining 502.00 526.50 875.80 178.51 KRW Billion [+]
GDP From Public Administration 24176.90 23995.10 24176.90 1673.48 KRW Billion [+]
GDP From Services 211761.30 210746.10 211761.30 4114.29 KRW Billion [+]
GDP From Transport 13200.40 13204.60 13204.60 113.95 KRW Billion [+]
GDP From Utilities 7884.20 7890.00 7890.00 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 November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
2.00 2.80 19.60 -7.40 1961 - 2018 percent Quarterly




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