South Korea GDP Growth Rate 1960-2017 | Data | Chart | Calendar

The South Korean economy expanded 1.5 percent on quarter in the three months to September of 2017, 10 basis points higher than the advance estimate and market expectation of 1.4 percent. It is the highest growth rate since the second quarter of 2010, mainly due to rebounds in manufacturing and construction. Meanwhile, services grew further in the third quarter. In contrast, utilities lost steam and primary activity plunged the most since the second quarter of 2015, revised figures showed. GDP Growth Rate in South Korea averaged 1.81 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
width
height
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.




South Korea GDP Growth at 7-Year High of 1.5%


The South Korean economy expanded 1.5 percent on quarter in the three months to September of 2017, 10 basis points higher than the advance estimate and market expectations of 1.4 percent. It is the highest growth rate since the second quarter of 2010, mainly due to rebounds in manufacturing and construction. Meanwhile, services grew further in the third quarter. In contrast, utilities lost steam and primary activity plunged the most since the second quarter of 2015, revised figures showed.

On the supply side, faster growth was mainly nudged by a 2.9 percent rebound in manufacturing after declining 0.3 percent in Q2 (and vs 2.7 percent in preliminary 3Q estimate), mainly due to an increase in production of semiconductors and chemical products. Construction also rebounded, expanding 1.5 percent vs a 1.3 percent contraction in the previous three months (and vs a revised 1.3 percent growth), boosted by residential building construction. Meanwhile, services grew further to 1.1 percent following a 0.8 percent rise in Q2 (and vs a revised 0.9 percent growth). In contrast, utilities rose at a slower 2.1 percent following 3.8 percent expansion in Q2 (and vs a revised 3.5 percent). Finally, agriculture shrank 3.7 percent (-1.1 percent in Q2), as the volume of vegetables and fruits as well as cattle dropped.

Year-on-year, the economy advanced 3.8 percent, also well above expectations of 3.6 percent; the 3.6 percent preliminary figure; and the 2.7 percent expansion for the second quarter.

Mario |
11/30/2017 11:19:39 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-08-31 11:00 PM GDP Growth Rate QoQ Final 0.6% 1.1% 0.6% 0.6%
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 1.5%
2018-03-27 11:00 PM GDP Growth Rate QoQ Final
2018-04-26 11:00 PM GDP Growth Rate QoQ Adv


South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.50 0.60 7.80 -7.00 percent [+]
GDP Annual Growth Rate 3.80 2.70 20.80 -7.30 percent [+]
GDP 1411.25 1382.76 1411.33 2.36 USD Billion [+]
GDP Constant Prices 392067.20 386582.50 392067.20 6626.29 KRW Billion [+]
Gross National Product 412381.20 399158.80 412381.20 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 126109.20 124688.10 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 6720.50 7082.30 7681.00 1627.32 KRW Billion [+]
GDP From Construction 17847.70 17799.30 17856.20 279.27 KRW Billion [+]
GDP From Manufacturing 113516.90 110490.00 113516.90 297.74 KRW Billion [+]
GDP From Mining 560.80 598.80 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23242.90 23151.90 23242.90 1673.48 KRW Billion [+]
GDP From Services 206122.90 204205.10 206122.90 4114.29 KRW Billion [+]
GDP From Transport 13091.60 12773.70 13091.60 113.95 KRW Billion [+]
GDP From Utilities 7833.50 7482.50 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 December of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.50 0.60 7.80 -7.00 1960 - 2017 percent Quarterly




GDP growth rate by Country
Country Last
United States 3.30 Sep/17
Indonesia 3.18 Sep/17
China 1.70 Sep/17
South Korea 1.50 Sep/17
India 1.40 Jun/17
Turkey 1.20 Sep/17
Russia 1.08 Jun/17
Germany 0.80 Sep/17
Spain 0.80 Sep/17
Australia 0.60 Sep/17
Euro Area 0.60 Sep/17
Japan 0.60 Sep/17
Switzerland 0.60 Sep/17
France 0.50 Sep/17
Canada 0.40 Sep/17
Italy 0.40 Sep/17
Netherlands 0.40 Sep/17
United Kingdom 0.40 Sep/17
Brazil 0.10 Sep/17
Mexico -0.30 Sep/17