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.