South Korea’s GDP declined 0.4 percent on quarter in the first three months of 2019, down from the advanced estimate and market expectations of a 0.3 percent contraction and compared to a downwardly revised 0.9 percent expansion in the previous period. This was the slowest growth rate since Q4 2008. On the production side, GDP was dragged by contractions in manufacturing and construction. On the expenditure side, trade and gross fixed capital formation were the main draggers. GDP Growth Rate in South Korea averaged 1.79 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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Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
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 -0.4% 0.9% -0.3% -0.3%
2019-07-24 11:00 PM GDP Growth Rate QoQ Adv -0.4%
2019-09-02 11:00 PM GDP Growth Rate QoQ Final -0.4%
2019-10-23 11:00 PM GDP Growth Rate QoQ Adv 1%



South Korea Q1 GDP Falls More than Initially Estimated

South Korea’s GDP declined 0.4 percent on quarter in the first three months of 2019, down from the advanced estimate and market expectations of 0.3 percent and compared to a downwardly revised 0.9 percent expansion in the previous period. This was the slowest growth rate since Q4 2008. On the production side, GDP was dragged by contractions in manufacturing and construction. On the expenditure side, trade and gross fixed capital formation were the main draggers.

On the production side, output contracted sharply for manufacturing by 3.3 percent after a 1.6 percent climb in the previous three months, mainly due to lower production of computer & electronic & optical equipment. Also, construction fell 1.0 percent after a 0.8 percent advance in Q4, amid decreased residential building construction. Meantime, utilities remained unchanged following a 2.5 percent expansion. In contrast, services grew 0.8 percent after 0.5 percent growth, led by information & communication and finance & insurance.

On the expenditure side, final consumption went up 0.2 percent, easing from a 1.3 percent growth in Q4 2018, as both private (+0.1 percent vs +0.8 percent) and public spending (+0.4 percent vs +2.8 percent) slowed. Additionally, gross fixed capital formation plummeted 2.8 percent, after growing 1.9 percent in the previous quarter, mainly dragged by a 9.1 percent plunge in facilities. Meantime, exports declined 3.2 percent (vs -1.4 percent), amid lower sales of electrical and electrical equipment such as LCDs and semiconductors; and imports decreased 3.4 percent (vs 1.6 percent), as purchases fell for machinery & equipment and coal and petroleum products.

On an annual basis, the economy advanced 1.7 percent year-on-year, decelerating from a downwardly revised 2.9 percent growth in the previous quarter. It was the weakest growth rate since the third quarter of 2009.

The base year for the GDP data was changed to 2015 from 2010.



Bank of Korea | Mario | mario@tradingeconomics.com
6/4/2019 9:05:06 AM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.40 0.90 7.80 -7.00 percent [+]
GDP Annual Growth Rate 1.70 2.90 20.80 -7.30 percent [+]
GDP 1619.42 1530.75 1619.42 2.42 USD Billion [+]
GDP Constant Prices 455081.00 456769.70 456769.70 6626.29 KRW Billion [+]
Gross National Product 435887.50 426717.50 435887.50 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 131296.60 135076.40 143486.50 359.12 KRW Billion [+]
GDP per capita 26761.90 26152.00 26761.90 944.30 USD [+]
GDP per capita PPP 36776.50 35938.40 36776.50 11632.60 USD [+]
GDP From Agriculture 8482.70 8105.70 8635.10 1627.32 KRW Billion [+]
GDP From Construction 21855.30 22068.70 23837.40 279.27 KRW Billion [+]
GDP From Manufacturing 119813.10 123853.90 123853.90 297.74 KRW Billion [+]
GDP From Mining 523.30 534.70 895.20 178.51 KRW Billion [+]
GDP From Public Administration 26575.90 26296.60 26575.90 1673.48 KRW Billion [+]
GDP From Services 215013.70 213019.60 215013.70 4114.30 KRW Billion [+]
GDP From Transport 15230.20 15770.30 15770.30 113.95 KRW Billion [+]
GDP From Utilities 11601.30 11606.70 11606.70 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-0.40 0.90 7.80 -7.00 1960 - 2019 percent Quarterly
SA




Country Last Previous
United States 3.10 Mar/19
China 1.60 Jun/19
India 1.60 Dec/18
Turkey 1.30 Mar/19
Saudi Arabia 1.07 Dec/18
Spain 0.70 Mar/19
Japan 0.60 Mar/19
Switzerland 0.60 Mar/19
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Australia 0.40 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Canada 0.10 Mar/19
Italy 0.10 Mar/19
Argentina -0.20 Mar/19
Brazil -0.20 Mar/19
Mexico -0.20 Mar/19
Russia -0.40 Mar/19
South Korea -0.40 Mar/19
Indonesia -0.52 Mar/19
South Africa -3.20 Mar/19
Singapore -3.40 Jun/19


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