South Korea’s economy advanced 5.9 percent year-on-year in the second quarter of 2021, accelerating from a 1.9 percent expansion in the previous period, and compared to market consensus of a 6.0 percent expansion, a preliminary estimate showed. It was the fastest expansion in a decade, as both private consumption (3.6 percent vs 1.2 percent in Q1) and government spending (5.3 percent vs 2.3 percent) increased at a faster pace. Net trade contributed positively to growth, as exports jumped 22.4 percent (from 5.1 percent in Q1) while imports surged 13.7 percent (from 4.1 percent in Q1). On the other hand, gross fixed capital formation expanded at a softer rate (4.0 percent vs 3.6 percent). On a quarterly basis, Asia's fourth-largest economy advanced 0.7 percent, following a 1.7 percent gain 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 August of 2021.
GDP Annual Growth Rate in South Korea is expected to be 2.50 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 Annual Growth Rate is projected to trend around 2.50 percent in 2022 and 2.90 percent in 2023, according to our econometric models.