South Korea’s economy grew 0.7% QoQ in the three months to March 2022, decelerating from a 1.2% expansion in the previous quarter but slightly above the consensus of 0.7% 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 2.4%, as building construction and civil engineering decreased. Facilities investment contracted by 4% due to decreases in both machinery and transportation equipment. Exports increased by 4.1%, as exports of goods such as semiconductors and coal & petroleum products expanded. Imports were up by 0.7%, owing to increased imports of crude oil. 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 May 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.