The South Korean economy shrank 0.3 percent quarter-on-quarter in the three months to March 2019, after a 1.0 percent expansion in the previous three months and missing market expectations of 0.3 percent growth, advanced data showed. It was the first contraction in five quarters and the steepest since the last quarter of 2008, as utilities and manufacturing contracted sharply and construction shrank for the third time in over the last four quarters. GDP Growth Rate in South Korea averaged 1.78 percent from 1960 until 2019, 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.

GDP Growth Rate in South Korea is expected to be 0.80 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 1.20 in 12 months time. In the long-term, the South Korea GDP Growth Rate is projected to trend around 1.00 percent in 2020, according to our econometric models.

South Korea GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-03 11:00 PM GDP Growth Rate QoQ Final 0.6% 0.6% 0.6% 0.6%
2019-01-21 11:00 PM GDP Growth Rate QoQ Adv 1% 0.6% 0.6% 0.6%
2019-03-04 11:00 PM GDP Growth Rate QoQ Final 1% 0.6% 1.0% 1.0%
2019-04-24 11:00 PM GDP Growth Rate QoQ Adv -0.3% 1% 0.3% 0.9%
2019-06-03 11:00 PM GDP Growth Rate QoQ Final 1% -0.3% -0.3%
2019-07-24 11:00 PM GDP Growth Rate QoQ Adv
2019-09-02 11:00 PM GDP Growth Rate QoQ Final



South Korea Economy Unexpectedly Shrinks in Q1

The South Korean economy shrank 0.3 percent quarter-on-quarter in the three months to March 2019, after a 1.0 percent expansion in the previous three months and missing market expectations of 0.3 percent growth, advanced data showed. It was the first contraction in five quarters and the steepest since the last quarter of 2008, as utilities and manufacturing contracted sharply and construction shrank for the third time in over the last four quarters.

On the production side, output contracted for utilities (-7.3 percent from 3.6 percent in Q4 2018) and manufacturing (-2.4 percent from 0.9 percent). Also, construction output dropped 0.4 percent, after growing 1.0 percent in the prior quarter and agriculture, forestry & fishing advanced 4.7 percent, slowing from a 6.1 percent rise. In contrast, services activities expanded 0.9 percent, accelerating from 0.6 percent growth in the last quarter of 2018. 

On the expenditure side, final consumption went up 0.2 percent, easing from a 1.5 percent growth in Q4 2018, as both private (+0.1 percent vs +1.0 percent) and public spending (+0.3 percent vs +3.0 percent) slowed. Additionally, gross fixed capital formation plummeted 2.8 percent, after growing 1.9 percent in the previous quarter, mainly dragged by a 10.8 percent plunge in facilities. Meantime, exports declined 2.6 percent (vs -1.5 percent) and imports decreased 3.3 percent (vs 1.5 percent).

On an annual basis, the economy advanced 1.8 percent year-on-year, decelerating from a 3.1 percent growth in the previous quarter and well below market forecasts of a 2.5 percent expansion, advanced data showed. It was the weakest growth rate since the third quarter of 2009.


Bank of Korea | Mario | mario@tradingeconomics.com
4/25/2019 10:44:30 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.30 1.00 7.80 -7.00 percent [+]
GDP Annual Growth Rate 1.80 3.10 20.80 -7.30 percent [+]
GDP 1530.75 1414.80 1530.75 2.42 USD Billion [+]
GDP Constant Prices 402678.40 404060.60 404060.60 6626.29 KRW Billion [+]
Gross National Product 426717.50 412026.50 426717.50 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 116588.20 119779.00 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 7649.60 7286.60 7649.60 1627.32 KRW Billion [+]
GDP From Construction 16318.90 16403.10 17780.00 279.27 KRW Billion [+]
GDP From Manufacturing 115279.20 117990.80 117990.80 297.74 KRW Billion [+]
GDP From Mining 579.30 555.30 875.80 178.51 KRW Billion [+]
GDP From Public Administration 24576.30 24320.30 24576.30 1673.48 KRW Billion [+]
GDP From Services 215013.70 213159.30 215013.70 4114.29 KRW Billion [+]
GDP From Transport 13243.60 13458.70 13458.70 113.95 KRW Billion [+]
GDP From Utilities 7550.70 8175.50 8175.50 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 May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-0.30 1.00 7.80 -7.00 1960 - 2019 percent Quarterly
SA




Country Last Previous
Singapore 3.80 Mar/19
United States 3.20 Mar/19
India 1.60 Dec/18
China 1.40 Mar/19
South Africa 1.40 Dec/18
Saudi Arabia 1.07 Dec/18
Russia 0.80 Dec/18
Spain 0.70 Mar/19
Japan 0.50 Mar/19
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Australia 0.20 Dec/18
Italy 0.20 Mar/19
Switzerland 0.20 Dec/18
Brazil 0.10 Dec/18
Canada 0.10 Dec/18
Mexico -0.20 Mar/19
South Korea -0.30 Mar/19
Indonesia -0.52 Mar/19
Argentina -1.20 Dec/18
Turkey -2.40 Dec/18


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