South Korea’s economy advanced 0.7 percent on quarter in the three months to June of 2021, following a 1.7 percent growth in the previous period and in line with market expectations, a preliminary estimate showed. Private consumption grew by 3.5 percent, as expenditures on semi-durable goods and services increased, while government expenditure rose by 3.9 percent. Regarding net trade, exports declined by 2.0 percent, due to decreases in motor vehicles and LCDs. Meantime, imports were up by 2.8 percent, owing to increased purchases of basic metals and chemical products. On an annual basis, GDP expanded 5.9 percent after a 1.9 percent gain in the previous quarter. source: The Bank of Korea
GDP Growth Rate in South Korea averaged 1.74 percent from 1960 until 2021, 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 July of 2021.
GDP Growth Rate in South Korea is expected to be 1.50 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 1.00 percent in 2022, according to our econometric models.