South Korea GDP Growth Rate  1960-2018 | Data | Chart | Calendar

The South Korean economy rebounded 1.0 percent quarter-over-quarter in the three months to March 2018 after a 0.2 percent contraction in the previous period, and slightly below the preliminary estimate of 1.1 percent. Growth was driven by increases in manufacturing, construction and services, while utilities output fell. GDP Growth Rate in South Korea averaged 1.80 percent from 1960 until 2018, 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.

South Korea GDP Growth Rate
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South Korea Q1 GDP Growth Revised Lower to 1%


The South Korean economy rebounded 1.0 percent quarter-over-quarter in the three months to March 2018 after a 0.2 percent contraction in the previous period, and slightly below the preliminary estimate of 1.1 percent.

Final figures showed manufacturing rose 1.6 percent in the first quarter, recovering from a 1.7 percent decline in the previous period, boosted by an increase in output of semiconductors and machinery & equipment. Construction also rebounded (2.1 percent vs -1.6 percent in Q4), with increases in residential building and engineering construction. In addition, output growth picked up for both services (1.1 percent vs 0.3 percent), led by growth in finance & insurance and cultural & other services, and agriculture (6.0 percent vs 0.2 percent). In contrast, utilities plunged 7.0 percent after a 0.4 percent expansion in the fourth quarter of last year.

By expenditure, gross fixed investment rebounded 2.0 percent in the first quarter after a 1.2 percent contraction in the previous three months. Construction spending rebounded 1.8 percent (-2.3 percent in Q4), driven by investment in residential building and engineering construction; and facilities investment also jumped 3.4 percent (vs -0.7 percent in Q4), led by the growth of investment in machinery and transportation equipment. On the other hand, investment in intellectual property products rose at a softer pace (0.3 percent vs 1.1 percent). In addition, final consumption expenditure climbed 1.1 percent (vs 0.9 percent in Q4), nudged by government consumption (2.2 percent vs 0.5 percent) while household consumption growth eased (0.7 percent vs 1 percent). Exports climbed 4.4 percent (vs -5.3 percent in Q4), due to higher sales of semiconductors and machinery & equipment, and imports went up at a faster 4.9 percent (vs -2.9 percent in Q4), owing to expansions in imports of natural gas and machinery & equipment.

Year-on-year, the economy advanced 2.8 percent in the first three months of 2018, matching the growth recorded for the previous quarter and the advance estimate. 


Mario | mario@tradingeconomics.com
6/1/2018 9:48:32 AM


Recent Releases

South Korea GDP Growth Rebounds in Q1
The South Korean economy rebounded 1.1 percent quarter-over-quarter in the three months to March 2018 after a 0.2 percent contraction in the previous quarter and slightly above market expectations of a 1.0 percent climb, advanced data showed. It was the second fastest growth rate in the last ten quarters.
Published on 2018-04-25

South Korea GDP Contracts For 1st Time Since 2008
The South Korean economy shrank 0.2 percent quarter-over-quarter in the three months to December of 2017, in line with earlier estimates and slowing from a downwardly revised 1.4 percent expansion in the prior quarter. It was the first contraction since 2008.
Published on 2018-03-28

South Korea GDP Unexpectedly Contracts in Q4
The South Korean economy unexpectedly shrank 0.2 percent on quarter in the three months to December of 2017, after expanding the most in seven years in the previous quarter. It was the first contraction in 9 years among strong base effects, shorter number of working days due to 10-day Chuseok autumn holiday and a slump in car exports.
Published on 2018-01-25

South Korea GDP Growth at 7-Year High of 1.5%
The South Korean economy expanded 1.5 percent on quarter in the three months to September of 2017, 10 basis points higher than the advance estimate and market expectations of 1.4 percent. It is the highest growth rate since the second quarter of 2010, mainly due to rebounds in manufacturing and construction. Meanwhile, services grew further in the third quarter. In contrast, utilities lost steam and primary activity plunged the most since the second quarter of 2015, revised figures showed.
Published on 2017-11-30



Calendar GMT Actual Previous Consensus TEForecast
2018-03-27 11:00 PM GDP Growth Rate QoQ Final -0.2% 1.5% -0.2% -0.2%
2018-04-25 11:00 PM GDP Growth Rate QoQ Adv 1.1% -0.2% 1% 0.50%
2018-05-31 11:00 PM GDP Growth Rate QoQ Final 1% -0.2% 1.1%
2018-07-25 11:00 PM GDP Growth Rate QoQ Adv 1% 0.8%
2018-09-03 11:00 PM GDP Growth Rate QoQ Final 1%
2018-10-24 11:00 PM GDP Growth Rate QoQ Adv 1%


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 -0.20 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.80 2.80 19.60 -7.40 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 395932.80 391681.40 395932.80 6626.29 KRW Billion [+]
Gross National Product 394081.60 422891.90 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 128329.80 124612.20 128329.80 359.12 KRW Billion [+]
GDP per capita 26152.03 25484.00 26152.03 944.30 USD [+]
GDP per capita PPP 35938.37 35020.40 35938.37 11632.60 USD [+]
GDP From Agriculture 7531.90 7072.90 7619.80 1627.32 KRW Billion [+]
GDP From Construction 17957.40 17388.90 17957.40 279.27 KRW Billion [+]
GDP From Manufacturing 114019.80 111872.20 114019.80 297.74 KRW Billion [+]
GDP From Mining 511.60 547.40 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23692.70 23456.80 23692.70 1673.48 KRW Billion [+]
GDP From Services 209158.30 207322.50 209158.30 4114.29 KRW Billion [+]
GDP From Transport 13025.00 13106.90 13106.90 113.95 KRW Billion [+]
GDP From Utilities 7326.60 7748.90 7748.90 10.30 KRW Billion [+]


South Korea GDP Growth Rate

South Korea has an export oriented economy. Following the Asian financial crisis in late 90’s, South Korea economy grew at an average 1.1 percent on a quarter over quarter basis, fueled by exports, which account for half of its GDP. South Korea is the world's leading producer of displays and memory semiconductors and the second largest shipbuilding producer. Yet, the high reliance on exports together with a limited domestic market and a rapidly aging population are the main threats to the future growth. This page provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on July of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
1.00 -0.20 7.80 -7.00 1960 - 2018 percent Quarterly
SA




GDP growth rate by Country
Country Last
Turkey 2.00 Mar/18
United States 2.00 Mar/18
India 1.90 Mar/18
China 1.80 Jun/18
Mexico 1.10 Mar/18
Australia 1.00 Mar/18
South Korea 1.00 Mar/18
Russia 0.85 Mar/18
Spain 0.70 Mar/18
Netherlands 0.60 Mar/18
Switzerland 0.60 Mar/18
Brazil 0.40 Mar/18
Euro Area 0.40 Mar/18
Canada 0.30 Mar/18
Germany 0.30 Mar/18
Italy 0.30 Mar/18
France 0.20 Mar/18
United Kingdom 0.20 Mar/18
Japan -0.20 Mar/18
Indonesia -0.42 Mar/18


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