South Korea’s economy expanded 1.1% 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. Private consumption was up by 1.7%, 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. Facilities investment contracted by 0.6% due to a decrease in machinery. Exports increased by 4.3%, 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. source: The Bank of Korea

GDP Growth Rate in South Korea averaged 1.73 percent from 1960 until 2021, 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 January of 2022.

GDP Growth Rate in South Korea is expected to be 1.00 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 0.80 percent in 2023 and 1.00 percent in 2024, according to our econometric models.

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South Korea GDP Growth Rate


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
1.10 0.30 7.80 -7.00 1960 - 2021 percent Quarterly
SA

Calendar GMT Actual Previous Consensus TEForecast
2021-12-01 11:00 PM QoQ Final Q3 0.3% 0.8% 0.3%
2022-01-24 11:00 PM QoQ Adv Q4 1.1% 0.3% 0.9% 1%
2022-03-02 11:00 PM QoQ Final Q4 0.3%


Related Last Previous Unit Reference
GDP Growth Rate 1.10 0.30 percent Dec/21
GDP Annual Growth Rate 4.10 4.00 percent Dec/21
GDP Constant Prices 477714.20 476244.60 KRW Billion Sep/21
Gross National Product 470114.50 471381.30 KRW Billion Sep/21
Gross Fixed Capital Formation 139788.00 142524.10 KRW Billion Sep/21


News Stream
South Korea Q4 GDP Grows Faster Than Expected
South Korea’s economy expanded 1.1% 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. Private consumption was up by 1.7%, 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. Facilities investment contracted by 0.6% due to a decrease in machinery. Exports increased by 4.3%, 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.
2022-01-24
South Korea Q3 GDP Quarterly Growth Rate at 0.3%
South Korea’s economy expanded 0.3% quarter-on-quarter in the three months to September of 2021, slowing from a 0.8% growth in the previous quarter, consistent with figures given in the advance estimate. The third quarter growth fell short of market estimates for a 0.6% rise, and increased at the weakest pace since the second quarter of 2020. Private consumption contracted by 0.2%, as expenditures on non-durable goods (e.g. food) increased but services (e.g. restaurants & accommodation, recreation & culture) decreased. Construction investment contracted by 3.5%, as civil engineering decreased. Facilities investment fell by 2.4%, driven by a decrease in transportation equipment. Conversely, government consumption rose by 1.3%, mainly due to increased expenditures on goods. Exports went up by 1.8%, due to increases in coal & petroleum products and machinery & equipment. Imports fell by 0.7%, owing to decreased imports of transport equipment (e.g. motor vehicles).
2021-12-01
South Korea Q3 GDP Expands 0.3%, Below Estimates
South Korea’s economy expanded by 0.3 percent on quarter in the three months to September of 2021, following a 0.8 percent growth in the previous period and below market expectations of a 0.6 percent rise, a preliminary estimate showed. It was the weakest pace of growth since the second quarter of 2020. Private consumption contracted by 0.3 percent, as expenditures on durable goods increased but services decreased amid the reintroduction of tougher Covid-19 restrictions, and fixed investment shrank 1.9 percent. Conversely, government spending increased 1.1 percent. Net trade contributed positively to growth, with exports surging by 1.5 percent while imports were down by 0.6 percent. On an annual basis, the GDP advanced by 4 percent following a 6 percent growth in the previous period, which was the fastest in a decade.
2021-10-25