South Korea’s economy shrank 0.4% QoQ in the three months to December 2022, following a 0.3% growth in the previous quarter. It came in line with its advance estimate and marked the first contraction since the second quarter of 2020, as spending dropped back to normal after post-pandemic highs. Private consumption dropped by 0.6%(vs +1.7% in Q3), as expenditures on durable goods (e.g. household appliances, clothing, and footwear) and services (e.g. restaurants & accommodation services) decreased. Government consumption surged by 2.9% (vs +0.1% in Q3) as expenditures on goods and healthcare benefits increased. Construction investment rose 0.8% (vs -0.2% in Q3) as civil engineering increased. Facilities investment increased by 2.7% (vs 7.9%), due to increases in machinery investment. Exports fell by 4.6% (vs +1.1%), as the export of chemicals and computer, electronics and optical products decreased. Imports were down 3.6% (+6%), owing to a fall in imports of crude oil and basic metals. source: The Bank of Korea
GDP Growth Rate in South Korea averaged 1.71 percent from 1960 until 2022, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7.00 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 2023.
GDP Growth Rate in South Korea is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.