The Gross Domestic Product (GDP) in South Korea expanded 0.9 percent in the first quarter of 2023 over the same quarter of the previous year. It was the lowest annual growth since the fourth quarter of 2020. source: The Bank of Korea

GDP Annual Growth Rate in South Korea averaged 7.01 percent from 1961 until 2023, reaching an all time high of 20.80 percent in the fourth quarter of 1969 and a record low of -7.30 percent in the second quarter of 1998. This page provides - South Korea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

GDP Annual Growth Rate in South Korea is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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South Korea GDP Annual Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2023-04-24 11:00 PM YoY Adv Q1 0.8% 1.3% 0.9% 1.1%
2023-06-01 11:00 PM YoY Final Q1 0.9% 1.3% 0.8%
2023-07-24 11:00 PM YoY Adv Q2 3%

Related Last Previous Unit Reference
GDP Growth Rate 0.30 -0.40 percent Mar 2023
GDP Annual Growth Rate 0.90 1.30 percent Mar 2023
GDP Constant Prices 494206.10 492581.20 KRW Billion Mar 2023
Gross National Product 457232.90 490436.80 KRW Billion Mar 2023
Gross Fixed Capital Formation 145143.20 146111.40 KRW Billion Mar 2023

South Korea GDP Annual Growth Rate
South Korea’s economy became one of the most diversified and technologically advanced in the world in the last 50 years. Like in most developed countries, 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
0.90 1.30 20.80 -7.30 1961 - 2023 percent Quarterly
2015=100, SA