South Korea’s economy advanced 1.8 percent from a year earlier in the first quarter of 2021, following a 1.2 percent contraction in the previous period and compared to market consensus of a 1.1 percent expansion, a preliminary estimate showed. Private consumption rebounded (1.0 percent vs -6.5 percent in Q4) while government spending increased faster (2.6 percent vs 2.3 percent). Also, gross fixed capital formation expanded at a much faster rate (3.7 percent vs 1.2 percent). Net trade contributed positively to growth, as exports jumped 4.5 percent (from 1.2 percent in Q4) while imports increased 3.1 percent (from -2.8 percent in Q4). On a quarterly basis, Asia's fourth-largest economy advanced 1.8 percent, following a 1.2 percent contraction in the previous quarter. source: The Bank of Korea
GDP Annual Growth Rate in South Korea averaged 7.13 percent from 1961 until 2021, 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 May of 2021.
GDP Annual Growth Rate in South Korea is expected to be 3.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in South Korea to stand at 2.60 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 2.50 percent in 2022 and 2.90 percent in 2023, according to our econometric models.