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

The South Korean economy advanced 0.6 percent quarter-on-quarter in the three months to June 2018 after a 1 percent expansion in the previous period and below both market expectations and the preliminary print of 0.7 percent, final data showed. The downwardly revised figure was explained by softer expansions in manufacturing and services and steeper contractions in primary activity and construction when compared to preliminary data, with utilities also rebounding less than the original data showed. GDP Growth Rate in South Korea averaged 1.79 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 Economy Expands 0.6% QoQ


The South Korean economy advanced 0.6 percent quarter-on-quarter in the three months to June 2018 after a 1 percent expansion in the previous period and below both market expectations and the preliminary print of 0.7 percent, final data showed. The downwardly revised figure was explained by softer expansions in manufacturing and services and steeper contractions in primary activity and construction when compared to preliminary data, with utilities also rebounding less than the original data showed.

Slower increases were recorded for manufacturing (+0.6 percent vs +1.6 percent in Q1) and services (+0.5 percent vs +1.1 percent), and contractions in primary activity (-2.8 percent vs +6.0 percent) and construction (-3.1 percent vs +2.1 percent), more than offsetting a sharp rebound in utilities (+9.4 percent vs -7.0 percent).

By expenditure, the softer overall growth was explained by a sharp 2.9 percent decline in gross fixed capital formation (vs +2.0 percent), with facilities falling 5.7 percent (vs +3.4 percent); construction 2.1 percent (vs +1.8 percent); and intellectual property rights 0.7 percent (vs +0.3 percent). Also, final consumption expenditure expanded less (0.3 percent after a 1.1 percent expansion in the first quarter), with both private and public spending rising 0.3 percent. Meantime, exports grew only 0.4 percent (vs +4.4 percent) and imports declined 3.0 percent (vs +4.9 percent).

Year-on-year, the economy expanded 2.8 percent, matching the 2.8 percent growth recorded for the previous quarter and slightly below the 2.9 percent preliminary expansion and the final consensus estimate.


Bank of Korea | Mario | mario@tradingeconomics.com
9/4/2018 11:06:23 AM



Calendar GMT Actual Previous Consensus TEForecast
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 0.7% 1% 0.7% 0.8%
2018-09-03 11:00 PM GDP Growth Rate QoQ Final 0.6% 1% 0.7% 0.7%
2018-10-24 11:00 PM GDP Growth Rate QoQ Adv 0.6% 1%
2018-12-03 11:00 PM GDP Growth Rate QoQ Final 0.6%


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 1.00 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 397959.20 395605.80 397959.20 6626.29 KRW Billion [+]
Gross National Product 406053.70 394081.60 422891.90 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 123422.80 127086.00 127086.00 359.12 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 7286.80 7497.20 7619.80 1627.32 KRW Billion [+]
GDP From Construction 17199.30 17388.90 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 114354.10 111872.20 114354.10 297.74 KRW Billion [+]
GDP From Mining 526.50 556.80 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23995.10 23456.80 23995.10 1673.48 KRW Billion [+]
GDP From Services 210746.10 207322.50 210746.10 4114.29 KRW Billion [+]
GDP From Transport 13204.60 12977.00 13204.60 113.95 KRW Billion [+]
GDP From Utilities 7890.00 7209.40 7890.00 10.30 KRW Billion [+]


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. 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 September of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
0.60 1.00 7.80 -7.00 1960 - 2018 percent Quarterly
SA




GDP growth rate by Country
Country Last
Indonesia 4.21 Jun/18
United States 4.20 Jun/18
India 1.90 Mar/18
China 1.80 Jun/18
Australia 0.90 Jun/18
Turkey 0.90 Jun/18
Russia 0.85 Mar/18
Canada 0.70 Jun/18
Japan 0.70 Jun/18
Netherlands 0.70 Jun/18
Switzerland 0.70 Jun/18
Singapore 0.60 Jun/18
South Korea 0.60 Jun/18
Spain 0.60 Jun/18
Germany 0.50 Jun/18
Euro Area 0.40 Jun/18
United Kingdom 0.40 Jun/18
Brazil 0.20 Jun/18
France 0.20 Jun/18
Italy 0.20 Jun/18
Saudi Arabia -0.05 Mar/18
Mexico -0.20 Jun/18
South Africa -0.70 Jun/18
Argentina -4.00 Jun/18


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