South Korea GDP Growth Rate 1970-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in South Korea expanded 0.50 percent in the second quarter of 2014 over the previous quarter. GDP Growth Rate in South Korea averaged 1.71 Percent from 1970 until 2014, reaching an all time high of 6.80 Percent in the first quarter of 1988 and a record low of -7 Percent in the first quarter of 1998. GDP Growth Rate in South Korea is reported by the The Bank of Korea.

   
 
 

South Korea GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.90 6.80 -7.00 1970 - 2014 Percent Quarterly
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. Content for - South Korea GDP Growth Rate - was last refreshed on Wednesday, October 22, 2014.


South Korean Economy Advances Less than Expected


The South Korean GDP expanded a seasonally adjusted 0.5 percent in the second quarter of 2014 compared with the previous period. Final estimates came below the advance 0.6 percent expansion, as investment and exports grew less than anticipated.

On the expenditure side, private consumption contracted by 0.3 percent, as expenditures on both gods and on services declined. 

Facilities investment expanded by 1.1 percent, lower than a 1.3 percent initial estimate and led by increased investment in transport equipment. Construction investment grew at a slower 0.4 percent (0.6 percent initially estimated) despite a decline in civil engineering, as building construction expanded. Intellectual property products investment fell less than expected (3.6 percent compared with an initial estimate of 4.2 percent), owing to contractions in R&D investment in the private sector.

Exports grew at a slower 1.7 percent, with increases in exports of LCD and chemical products. Imports rose more than anticipated by 1.1 percent, owing to expansions in those of vehicles and in overseas consumption by residents.

On the production side, manufacturing expanded by 0.9 percent, on increases in the production of chemical and LCD products. Construction increased by 0.2 percent, centering around building construction. Services saw growth of 0.6 percent, despite declines in restaurant & hotels, transportation & storage, as health & social work and business activities increased.

Year-on-year, the GDP advanced 3.5 percent in the second quarter of 2014, down from a 3.6 percent advance estimate.

Bank of Korea l Joana Taborda l joana.taborda@tradingeconomics.com
9/4/2014 10:44:21 AM


Recent Releases

South Korea GDP Growth Slows in Q2
The South Korean economy advanced a seasonally adjusted 0.6 percent on quarter in the three months to June, slowing from a 0.9 percent expansion in the previous two quarters. Advance estimates showed private consumption contracted for the first time in five quarters. Published on 2014-07-24

South Korea GDP Growth Unrevised in Q1
South Korean GDP expanded a seasonally adjusted 0.9 percent on quarter in the first three months of 2014, the same rate recorded in the previous period and unchanged from the advance estimate. Published on 2014-06-05


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q1 2014 0.9% 0.9% 0.8% 0.8%
2014-06-05 12:00 AM South Korea
GDP Growth Rate QoQ - Final
Q1 2014 0.9% 0.9% 0.9% 0.9%
2014-07-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q2 2014 0.6% 0.9% 0.7% 0.8%
2014-09-04 12:00 AM South Korea
GDP Growth Rate QoQ Final
Q2 2014 0.5% 0.9% 0.6% 0.6%
2014-10-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q3 2014 0.5% 0.8% 0.5%


South Korea GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.50 0.90 6.80 -7.00 Percent [+]
GDP Annual Growth Rate 3.50 3.90 18.20 -7.30 Percent [+]
GDP Constant Prices 355541.80 353810.90 355541.80 14934.60 KRW Billion [+]
Gross National Product 336918.40 365088.20 365088.20 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 104552.10 104779.50 104779.50 2402.10 KRW Billion [+]
GDP per capita PPP 32708.11 31901.07 32708.11 12086.76 USD [+]