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.