South Korea GDP Growth Rate 1960-2018 | Data | Chart | Calendar

The South Korean economy unexpectedly shrank 0.2 percent on quarter in the three months to December of 2017, compared to market expectations of a 0.1 percent growth and a 1.5 percent expansion in the previous period. It was the first contraction in 9 years as manufacturing and construction declined, preliminary estimates showed. GDP Growth Rate in South Korea averaged 1.80 percent from 1960 until 2017, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7 percent in the first quarter of 1998.

South Korea GDP Growth Rate
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South Korea GDP Unexpectedly Contracts in Q4


The South Korean economy unexpectedly shrank 0.2 percent on quarter in the three months to December of 2017, after expanding the most in seven years in the previous quarter. It was the first contraction in 9 years among strong base effects, shorter number of working days due to 10-day Chuseok autumn holiday and a slump in car exports.

The contraction was reported for manufacturing (-2.0 percent in Q4 vs +2.9 percent in Q3) and construction (-1.5 percent vs +1.5 percent) while the growth decelerated for services (+0.4 percent vs +1.1 percent) and utilities (+0.6 percent vs +2.1 percent). On the positive note, primary activity rebounded 2.2 percent following a 3.7 percent plunge in the previous period.

By expenditure, gross fixed investment contracted 2 percent (vs +1.2 percent in Q3), with construction decreasing 3.8 percent and facilities 0.6 percent. Also, trade weighed negatively on activity as exports (-5.4 percent vs +6.1 percent) declined faster than imports (-4.1 percent vs +4.7 percent). Consumption rose only 0.9 percent (+1.2 percent in Q3), as a solid growth in private consumption (+1 percent vs +0.8 percent) was offset by a sharp slowdown in government consumption (+0.5 percent vs +2.3 percent).

Year-on-year, GDP grew by 3.0 percent after rising 3.8 percent in the previous quarter, also disappointing expectations of a 3.1 percent expansion. Considering full 2017, the economy expanded 3.1 percent, above 2.8 percent in 2016.


Mario |
1/25/2018 1:31:01 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-10-25 11:00 PM GDP Growth Rate QoQ Adv 1.4% 0.6% 1.4% 0.9%
2017-11-30 11:00 PM GDP Growth Rate QoQ Final 1.5% 0.6% 1.4% 1.4%
2018-01-24 11:00 PM GDP Growth Rate QoQ Adv -0.2% 1.5% -0.2% 0.9%
2018-03-27 11:00 PM GDP Growth Rate QoQ Final 1.5% -0.2% -0.2%
2018-04-25 11:00 PM GDP Growth Rate QoQ Adv 1.20%
2018-05-31 11:00 PM GDP Growth Rate QoQ Prel 1.20%


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.20 1.50 7.80 -7.00 percent [+]
GDP Annual Growth Rate 3.00 3.80 20.80 -7.30 percent [+]
GDP 1411.25 1382.76 1411.33 2.42 USD Billion [+]
GDP Constant Prices 391622.50 392067.20 392067.20 6626.29 KRW Billion [+]
Gross National Product 412381.20 399158.80 412381.20 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 123733.20 126109.20 126109.20 359.12 KRW Billion [+]
GDP per capita 25458.90 24870.80 25458.90 944.30 USD [+]
GDP per capita PPP 34985.80 34177.70 34985.80 11632.60 USD [+]
GDP From Agriculture 7071.00 6720.50 7681.00 1627.32 KRW Billion [+]
GDP From Construction 17607.50 17847.70 17856.20 279.27 KRW Billion [+]
GDP From Manufacturing 111484.90 113516.90 113516.90 297.74 KRW Billion [+]
GDP From Mining 545.40 560.80 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23377.50 23242.90 23377.50 1673.48 KRW Billion [+]
GDP From Services 207249.10 206122.90 207249.10 4114.29 KRW Billion [+]
GDP From Transport 13175.90 13091.60 13175.90 113.95 KRW Billion [+]
GDP From Utilities 7770.40 7833.50 7833.50 10.30 KRW Billion [+]


South Korea GDP Growth Rate

South Korea has an export oriented economy. Following the Asian financial crisis in late 90’s, South Korea economy grew at an average 1.1 percent on a quarter over quarter basis, fueled by exports, which account for half of its GDP. South Korea is the world's leading producer of displays and memory semiconductors and the second largest shipbuilding producer. Yet, the high reliance on exports together with a limited domestic market and a rapidly aging population are the main threats to the future growth. This page provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on March of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-0.20 1.50 7.80 -7.00 1960 - 2017 percent Quarterly




GDP growth rate by Country
Country Last
United States 2.50 Dec/17
India 1.80 Dec/17
China 1.60 Dec/17
Turkey 1.20 Sep/17
Mexico 0.80 Dec/17
Netherlands 0.80 Dec/17
Spain 0.70 Dec/17
Euro Area 0.60 Dec/17
France 0.60 Dec/17
Germany 0.60 Dec/17
Switzerland 0.60 Dec/17
Australia 0.40 Dec/17
Canada 0.40 Dec/17
Japan 0.40 Dec/17
United Kingdom 0.40 Dec/17
Italy 0.30 Dec/17
Brazil 0.10 Dec/17
Russia 0.10 Sep/17
South Korea -0.20 Dec/17
Indonesia -1.70 Dec/17


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