South Korea GDP Annual Growth Rate 1961-2017 | Data | Chart | Calendar

The South Korean economy expanded 3.8 percent year-on-year in the third quarter of 2017 according to the revised estimate, up from the 3.6 percent preliminary figure; comfortably surpassing the 2.7 percent expansion in Q2; and above the 3.6 percent print expected by consensus. It is the higher growth pace since March of 2014. Faster GDP expansion was explained by further growth in manufacturing and services, more than offsetting slower expansion in construction and utilities. GDP Annual Growth Rate in South Korea averaged 7.48 percent from 1961 until 2017, 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.

South Korea GDP Annual Growth Rate
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South Korea 3Q GDP Growth Revised Up to 3.8% YoY


The South Korean economy expanded 3.8 percent year-on-year in the third quarter of 2017 according to the revised estimate, up from the 3.6 percent preliminary figure; comfortably surpassing the 2.7 percent expansion in Q2; and above the 3.6 percent print expected by consensus. It is the higher growth pace since March of 2014. Faster GDP expansion was explained by further growth in manufacturing and services, more than offsetting slower expansion in construction and utilities.

By economic activity, manufacturing went up a sound 6.6 percent, well above the 3.2 percent growth in the previous quarter. Services (+2.4 percent vs 1.9 percent) also gained steam in the third quarter. In contrast, construction advanced at a 7.0 percent pace in the three months to September of 2017, moderately below the 7.7 percent expansion of the previous quarter. It was the second straight quarterly slowdown. Utilities also lost steam in the third quarter (+1.5 percent vs 2.5 percent).

On the expenditure side, government consumption expanded further in the third quarter (4.6 percent vs 3.1 percent), while private spending rose to a 2.5 percent growth (vs 2.3 percent in the previous three months). In contrast, gross fixed capital formation lost steam for a second straight quarter, rising 9.2 percent after a 9.6 percent advance in Q2: construction and facilities grew less, while intellectual property products expanded at a faster clip. Meanwhile, exports advanced 5.0 percent (vs 0.0 percent in Q2) and imports 8.5 percent (vs 6.4 percent).

On a quarterly basis, the economy expanded 1.5 percent, also upwardly revised from the 1.4 percent preliminary figure and from the 0.6 percent expansion for the previous quarter.

Mario |
11/30/2017 11:25:40 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-08-31 11:00 PM GDP Growth Rate YoY Final 2.7% 2.9% 2.7% 2.7%
2017-10-25 11:00 PM GDP Growth Rate YoY Adv 3.6% 2.7% 3.6% 3.1%
2017-11-30 11:00 PM GDP Growth Rate YoY Final 3.8% 2.7% 3.6% 3.6%
2018-01-24 11:00 PM GDP Growth Rate YoY Adv 3.8%
2018-03-27 11:00 PM GDP Growth Rate YoY Final
2018-04-26 11:00 PM GDP Growth Rate YoY 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 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 (around 5.8 percent of GDP); education (5.3 percent of GDP); information and communication (5 percent of GDP); 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. 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 - actual data, historical chart and calendar of releases - was last updated on December of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
3.80 2.70 20.80 -7.30 1961 - 2017 percent Quarterly




GDP annual growth rate by Country
Country Last
Turkey 11.10 Sep/17
China 6.80 Sep/17
India 6.30 Sep/17
Indonesia 5.06 Sep/17
South Korea 3.80 Sep/17
Spain 3.10 Sep/17
Canada 3.00 Sep/17
Netherlands 3.00 Sep/17
Australia 2.80 Sep/17
Germany 2.80 Sep/17
Euro Area 2.60 Sep/17
United States 2.30 Sep/17
France 2.20 Sep/17
Japan 2.10 Sep/17
Russia 1.80 Sep/17
Italy 1.70 Sep/17
Mexico 1.50 Sep/17
United Kingdom 1.50 Sep/17
Brazil 1.40 Sep/17
Switzerland 1.20 Sep/17