South Korea’s GDP grew 0.8 percent on quarter in the three months to June of 2021, compared to 1.7 percent expansion in the previous period and to a preliminary reading of 0.7 percent. The main positive contributions to the GDP came from private consumption (3.6 percent vs 1.2 percent in Q1) and government spending (3.9 percent vs 1.6 percent). Meanwhile, gross fixed capital formation shrank 0.4 percent, after a 2.5 percent rise in the previous period. On the external side, exports fell 2 percent (vs 2 percent in Q1) while imports rose 2.8 percent (vs 2.9 percent in Q1). On an annual basis, GDP expanded 6 percent, the most in a decade. 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 October 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.