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.

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South Korea GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-01-25 11:00 PM QoQ Adv Q4 -0.4% 0.3% -0.3% -0.2%
2023-03-06 11:00 PM QoQ Final Q4 -0.4% 0.3% -0.2%
2023-04-24 11:00 PM QoQ Adv Q1 0.3%


Related Last Previous Unit Reference
GDP Growth Rate -0.40 0.30 percent Dec 2022
GDP Annual Growth Rate 1.30 3.10 percent Dec 2022
GDP Constant Prices 491674.40 493320.80 KRW Billion Dec 2022
Gross National Product 487652.60 464457.20 KRW Billion Dec 2022
Gross Fixed Capital Formation 144943.60 143091.00 KRW Billion Dec 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.40 0.30 7.80 -7.00 1960 - 2022 percent Quarterly
SA

News Stream
South Korea GDP Contracts in Q4
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.
2023-03-06
South Korea GDP Contracts in Q4
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 was the first contraction since the second quarter of 2020, as spending dropped back to normal after post-pandemic highs. Private consumption was down by 0.4%(+1.7% in Q3), as expenditures on durable goods (e.g. household appliances, clothing, and footwear) and services (e.g. restaurants & accommodation services) both decreased. Government consumption surged by 3.2% (0.1% in Q3), with increased expenditures on goods and healthcare benefits. Construction investment was up by 0.7% (-0.2% in Q3), as non-residential construction increased. Facilities investment increased by 2.3% (7.9%), driven by increases in machinery investment. Exports tumbled by 5.8% (+1.1%), as the export of goods such as semiconductors and chemicals decreased. Imports were down 4.6% (+6%), owing to a fall in imports of crude oil and basic metals.
2023-01-25
South Korea Q3 GDP Growth Slows to 1-Year Low
South Korea’s economy expanded 0.3% QoQ in the three months to September 2022, the slowest pace in a year as households and businesses held back on spending amid concerns about higher costs and rising interest rates, a final reading showed. Private consumption was up by 1.7%, as expenditures on durable goods (e.g. motor vehicles) and services (e.g. restaurants & accommodation services) both increased. Government consumption rose by 0.1%, with increased expenditures on goods. Construction investment contracted by 0.2%, as as civil engineering decreased. Facilities investment increased by 7.9%, driven by increases in machinery and transportation equipment. Exports rose by 1.1%, as transportations equipment and services increased while semiconductors decreased. Imports were up by 6%, owing to increased imports of crude oil and natural gas.
2022-11-30