South Korea’s economy grew 0.6% QoQ in the three months to March 2022, revised slightly lower from an initial estimate of 0.7% and decelerating from a 1.2% expansion in the previous quarter, as pandemic restrictions weighed on private consumption and investment. Private consumption fell by 0.5%, as expenditures on semi-durable goods (e.g. clothing & footwear) and services (e.g. recreation & culture, transport, restaurants & accommodation) decreased. Government consumption remained strong as expenditures on goods went up while social security benefits fell. Construction investment declined by 3.9%, as building construction and civil engineering decreased. Facilities investment contracted by 3.9% due to decreases in both machinery and transportation equipment. Exports increased by 3.6%, as exports of goods such as semiconductors and chemical products expanded. Imports decreased by 0.6%, owing to reduced imports of machinery and equipment. source: The Bank of Korea

GDP Growth Rate in South Korea averaged 1.73 percent from 1960 until 2022, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7 percent in the first quarter of 1998. This page provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.

GDP Growth Rate in South Korea is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea GDP Growth Rate is projected to trend around 0.60 percent in 2023 and 0.40 percent in 2024, according to our econometric models.

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South Korea GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-04-25 11:00 PM QoQ Adv Q1 0.7% 1.2% 0.6% 0.7%
2022-06-07 11:00 PM QoQ Final Q1 0.6% 1.2% 0.7% 0.7%
2022-07-25 11:00 PM QoQ Adv Q2


Related Last Previous Unit Reference
GDP Growth Rate 0.60 1.20 percent Mar 2022
GDP Annual Growth Rate 3.00 4.20 percent Mar 2022
GDP Constant Prices 487105.20 483070.10 KRW Billion Mar 2022
Gross National Product 455546.70 490925.90 KRW Billion Mar 2022
Gross Fixed Capital Formation 138803.60 141318.30 KRW Billion Mar 2022

South Korea GDP Growth Rate
South Korea has an export oriented economy and is the world's leading producer of displays and memory semiconductors and the second largest producer of ships. 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.
Actual Previous Highest Lowest Dates Unit Frequency
0.60 1.20 7.80 -7.00 1960 - 2022 percent Quarterly
SA

News Stream
South Korea Q1 GDP Revised Slightly Lower
South Korea’s economy grew 0.6% QoQ in the three months to March 2022, revised slightly lower from an initial estimate of 0.7% and decelerating from a 1.2% expansion in the previous quarter, as pandemic restrictions weighed on private consumption and investment. Private consumption fell by 0.5%, as expenditures on semi-durable goods (e.g. clothing & footwear) and services (e.g. recreation & culture, transport, restaurants & accommodation) decreased. Government consumption remained strong as expenditures on goods went up while social security benefits fell. Construction investment declined by 3.9%, as building construction and civil engineering decreased. Facilities investment contracted by 3.9% due to decreases in both machinery and transportation equipment. Exports increased by 3.6%, as exports of goods such as semiconductors and chemical products expanded. Imports decreased by 0.6%, owing to reduced imports of machinery and equipment.
2022-06-07
South Korea Q1 GDP Growth Decelerates
South Korea’s economy grew 0.7% QoQ in the three months to March 2022, decelerating from a 1.2% expansion in the previous quarter but slightly above the consensus of 0.7% as pandemic restrictions weighed on private consumption and investment. Private consumption fell by 0.5%, as expenditures on semi-durable goods (e.g. clothing & footwear) and services (e.g. recreation & culture, transport, restaurants & accommodation) decreased. Government consumption remained strong as expenditures on goods went up while social security benefits fell. Construction investment declined by 2.4%, as building construction and civil engineering decreased. Facilities investment contracted by 4% due to decreases in both machinery and transportation equipment. Exports increased by 4.1%, as exports of goods such as semiconductors and coal & petroleum products expanded. Imports were up by 0.7%, owing to increased imports of crude oil.
2022-04-25
South Korea Q4 GDP Revised Higher to 1.2%
South Korea’s economy expanded 1.2% QoQ in the three month to December 2021, accelerating from a 0.3% increase in the previous quarter and rising faster than the 0.9% consensus forecast. The GDP data was revised higher from the 1.1% advance estimate in January. Private consumption was up by 1.6%, as expenditures on services (e.g. restaurants & accommodation, transportation) increased. Government consumption rose by 1.1%, with increased expenditures on goods and health care benefits. Construction investment expanded by 2.9%, as building construction and civil engineering increased, while facilities investment grew at the same rate. Exports increased by 5%, as exports of goods such as semiconductors and coal & petroleum products expanded. Imports were up by 4.3%, owing to increased imports of crude oil and chemical products.
2022-03-02