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.