South Korea’s Gross Domestic Product (GDP) grew 1.2 percent on a quarterly basis in the last three months of 2020, compared to a 2.1 percent expansion in the previous period and to a preliminary reading of 1.1 percent, final data showed. The main positive contribution to the GDP came from trade as exports, which accounts for about half of the export-driven economy, advanced 5.4 percent while imports rose at a slower 2.2 percent. Additionally, gross fixed investment rebounded 2.6 percent following a 1.4 percent decline, nudged higher by a 6.5 percent expansion in construction. Meanwhile, private consumption contracted 1.5 percent, while government spending dropped 0.5 percent. On an annual basis, GDP shrank 1.2 percent after a 1.1 percent drop in the previous quarter and a preliminary 1.4 percent fall. source: The Bank of Korea
GDP Growth Rate in South Korea averaged 1.74 percent from 1960 until 2020, 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 March of 2021.
GDP Growth Rate in South Korea is expected to be 0.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in South Korea to stand at 1.00 in 12 months time. In the long-term, the South Korea GDP Growth Rate is projected to trend around 1.00 percent in 2022, according to our econometric models.