South Korea GDP Growth Rate 1970-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in South Korea expanded 0.80 percent in the first quarter of 2015 over the previous quarter. GDP Growth Rate in South Korea averaged 1.69 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.

      Forecast
South Korea GDP Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.80 0.30 6.80 -7.00 1970 - 2015 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, May 27, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-01-22 11:00 PM Q4 0.4% 0.9% 0.4% 0.41%
2015-03-24 11:00 PM Q4 0.3% 0.8% 0.4% 0.4%
2015-04-23 12:00 AM Q1 0.8% 0.3% 0.7% 0.29%
2015-06-04 12:00 AM Q1 0.3% 0.8% 0.8%
2015-07-23 12:00 AM Q2 0.91%
2015-09-03 12:00 AM Q2


South Korea Economy Expands 0.8% QoQ in Q1


The South Korean economy advanced by 0.8 percent on quarter in the first three months of 2015, accelerating from a 0.3 percent expansion in the previous period, mainly due to a rebound in investment and a slight increase in consumption.

On the expenditure side, gross fixed capital investment expanded by 4.1 percent, following a 2.9 percent contraction in the December quarter, according to preliminary estimates. Construction investment grew by 7.5 percent, rebounding from a 7.8 percent contraction in Q4 of 2014. Intellectual property products grew by 2.6 percent, after registering a 0.5 percent contraction in the preceding quarter. Meanwhile, facilities investment were flat, as compared to 4 percent expansion in the previous period. Final consumption expenditure advanced by 0.5 percent, following a 0.4 percent growth in the last quarter of 2014. Private consumption expanded by 0.6 percent, following a  0.5 percent growth in Q4. Government consumption grew 0.2 percent, the same pace as in the proceeding period. Exports were flat, following a 0.4 percent rise in the preceding quarter. Imports rose by 0.5 percent, slowing from a 0.7 percent increase in the previous period.

On the production side, all sectors showed an expansion except the electricity, gas & water supply sector. The construction sector expanded by 2.5 percent, rebounding from a 3.0 percent contraction in the December quarter, as residential building construction increased. The services sector grew by 0.9 percent, after registering a 0.6 percent growth in the previous quarter, as all sub-sectors expanded. The manufacturing sector advanced by 0.4 percent from a 0.0 percent growth in the preceding quarter, as production of semiconductors and petrochemicals expanded. The agriculture sector grew by 2.9 percent from 2.8 percent in Q4, mainly due to an increase in the production of vegetables and fruits. In contrast, the electricity, gas & water supply declined by 3.6 percent, following a 4.9 percent expansion in the preceding quarter, mainly due to electricity.

Year-on-year, the GDP advanced 2.4 percent in the first quarter of 2015, down from a 2.7 percent expansion in the last quarter of 2014. It was the smallest growth rate in almost 2 years.

Bank of Korea l Rida Husna l rida@tradingeconomics.com
4/23/2015 12:36:19 PM


Recent Releases

South Korea GDP Expands 0.3% QoQ in Q4
The South Korean economy advanced 0.3 percent on quarter in the three months to December, lower than a revised 0.8 percent expansion in the previous period. It is the slowest growth since the third quarter of 2012, mainly due to a decline in construction investment and a sharp slowdown in government consumption. Published on 2015-03-25

South Korea GDP Growth Matches Estimates in Q4
The South Korean economy advanced 0.4 percent on quarter in the three months to December, in line with market expectations but lower than a 0.9 percent increase in the previous period. It was the slowest growth since the third quarter of 2012 as exports and investment contracted and consumption slowed. Published on 2015-01-23


South Korea GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.80 0.30 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.40 2.70 18.20 -7.30 percent [+]
GDP Constant Prices 361971.00 359207.70 361971.00 14934.60 KRW Billion [+]
Gross National Product 377063.60 355780.70 377063.60 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 105466.30 101313.20 105875.40 2402.10 KRW Billion [+]
GDP per capita PPP 32708.11 31901.07 32708.11 12086.76 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.50 Nov/14 0.40 4.50 -2.00 percent [+]
Brazil 0.30 Nov/14 0.20 4.50 -4.20 percent [+]
Canada 0.60 Nov/14 0.80 3.33 -1.80 percent [+]
China 1.30 Feb/15 1.50 2.50 1.40 percent [+]
Euro Area 0.40 Feb/15 0.30 1.30 -2.90 percent [+]
France 0.60 Feb/15 0.00 1.60 -1.70 percent [+]
Germany 0.30 Feb/15 0.70 2.10 -3.70 percent [+]
India 1.60 Nov/14 2.20 5.80 -1.90 percent [+]
Indonesia -0.18 Feb/15 -2.06 3.83 -3.57 percent [+]
Italy 0.30 Feb/15 0.00 6.00 -3.50 percent [+]
Japan 0.60 Feb/15 0.30 3.20 -4.00 percent [+]
Mexico 0.40 Feb/15 0.70 2.90 -6.60 percent [+]
Netherlands 0.40 Feb/15 0.80 2.00 -2.20 percent [+]
Russia 0.00 Nov/14 0.00 4.10 -5.40 percent [+]
South Korea 0.80 Feb/15 0.30 6.80 -7.00 percent [+]
Spain 0.90 Feb/15 0.70 1.53 -1.60 percent [+]
Switzerland 0.60 Nov/14 0.70 1.90 -2.20 percent [+]
Turkey 0.70 Nov/14 0.50 6.69 -7.57 percent [+]
United Kingdom 0.30 Feb/15 0.60 5.00 -2.70 percent [+]
United States 0.20 Feb/15 2.20 16.90 -10.00 percent [+]