South Korea’s economy expanded 3% year-on-year in the first quarter of 2022, slightly lower than market estimates for 3.1% growth, as investment and spending weakened amid lingering worries over the coronavirus pandemic. South Korea's economy had been under pressure from the protracted fight against the coronavirus pandemic and stringent restrictions on business operations and people's movement. However, the government recently lifted almost all antivirus curbs as the infections slowed with most of its people vaccinated, raising hopes that the move will lead to more spending and investment down the road. source: The Bank of Korea

GDP Annual Growth Rate in South Korea averaged 7.09 percent from 1961 until 2022, 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. 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 - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.

GDP Annual Growth Rate in South Korea is expected to be 3.10 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 Annual Growth Rate is projected to trend around 2.70 percent in 2023 and 2.90 percent in 2024, according to our econometric models.

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South Korea GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-04-25 11:00 PM YoY Adv Q1 3.1% 4.2% 2.8% 2.6%
2022-06-07 11:00 PM YoY Final Q1 3% 4.2% 3.1% 3.1%
2022-07-25 11:00 PM YoY 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 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.
Actual Previous Highest Lowest Dates Unit Frequency
3.00 4.20 20.80 -7.30 1961 - 2022 percent Quarterly
2015=100, SA

News Stream
South Korea 2021 GDP Growth at 11-Year High
South Korea’s economy expanded at the fastest pace in 11 years at 4% for the full-year 2021 amid a strong demand for exports, matching the advance estimates. Meanwhile, the fourth quarter annual GDP growth rate was revised 0.1 percentage points higher to 4.2%, faster than the 4% annual increase in the previous quarter and higher than the 3.7% consensus forecast. Both private consumption (6.3% vs 3.3% in Q3) and government consumption (8.1% vs 6.5%) improved on an annual basis from the previous quarter. However, fixed investment (1.1% vs 1.5% in Q3) increased at a slower pace, weighed down by lower construction investments (-1.7%). Net trade also failed to contribute significantly to growth in Q4, with exports growth (6.1%) lagging behind imports growth (9.7%).
2022-03-03
South Korea 2021 GDP Growth at 11-Year High
South Korea’s economy expanded at the fastest pace in 11 years at 4% for the full-year 2021, driven by strong demand for exports. Meanwhile, the fourth quarter annual GDP growth rate was at 4.1%, faster than the 4% annual increase in the previous quarter and higher than the 3.7% consensus forecast. Both private consumption (6.3% vs 3.3% in Q3) and government consumption (8.1% vs 6.5%) improved on an annual basis from the previous quarter. However, fixed investment (1.1% vs 1.5% in Q3) increased at a slower pace, weighed down by lower construction investments (-1.7%). Net trade also failed to contribute significantly to growth in Q4, with exports growth (6.1%) lagging behind imports growth (9.7%).
2022-01-25
South Korea Q3 GDP Annual Growth Rate at 4%
South Korea’s economy expanded 4% year-on-year in the third quarter of 2021, slowing from a decade-high 6% growth in the preceding quarter and lower than consensus forecast of a 4.2% rise. The latest data was consistent with figures given in the advance estimate. Both private consumption (3.3% vs 3.7% in Q2) and fixed investment (1.5% vs 3.8%) increased at a slower pace, weighed down by a resurgence in Covid-19 cases triggered by the Delta variant. On the other hand, government spending picked up (6.5% vs 5.3%). Meanwhile, net trade contributed significantly to growth with exports (7.2% vs 22.4% in Q2) rising faster than imports (6.6% vs 13.7%). On a quarterly basis, the GDP increased 0.3%, after growing 0.8%in the prior period and missing market estimates of a 0.6% rise.
2021-12-01