South Korea GDP Growth Rate

The Gross Domestic Product (GDP) in South Korea expanded 0.90 percent in the first quarter of 2014 over the previous quarter. GDP Growth Rate in South Korea is reported by the The Bank of Korea. 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. 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. 2014-04-24

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.90 0.90 6.80 -7.00 0.80 | 2014/03 1970 - 2014 Percent Quarterly

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South Korea GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-12-04 11:00 PM South Korea
GDP Growth Rate QoQ
Q3 2013 (F) 1.1% 1.1% 1.1% 1.33%
2014-01-22 11:00 PM South Korea
GDP Growth Rate QoQ - Prel
Q4 2013 0.9% 1.1% 0.9% 1.26%
2014-03-25 11:00 PM South Korea
GDP Growth Rate QoQ - Final
Q4 2013 0.9% 1.1% 0.9% 0.9%
2014-04-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q1 2014 0.9% 0.9% 0.8% 0.8%
2014-07-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q2 2014 0.9% 1.3%
2014-10-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q3 2014 1.12%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate 0.90 2014-03-31 0.90 6.80 -7.00 0.80 2014-03-31 Percent [+]
GDP Annual Growth Rate 3.90 2014-03-31 3.70 18.20 -7.30 3.90 2014-03-31 Percent [+]
GDP per capita 21562.45 2012-12-31 21226.03 21562.45 1467.10 22208.99 2014-06-30 USD [+]
GDP per capita PPP 27990.83 2012-12-31 27554.12 27990.83 5543.57 28830.12 2014-06-30 USD [+]
GDP Constant Prices 353802.70 2014-02-15 350505.10 353802.70 14934.60 356869.47 2014-06-30 KRW Billion [+]
Gross Fixed Capital Formation 105021.40 2014-02-15 101518.70 105021.40 2402.10 94124.10 2014-03-31 KRW Billion [+]
Gross National Product 365088.20 2013-11-15 345972.60 365088.20 14696.60 385582.54 2014-03-31 KRW Billion [+]
GDP 1129.60 2012-12-31 1114.47 1129.60 2.36 1173.16 2014-06-30 USD Billion [+]
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South Korea GDP Growth Beats Expectations 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 quarter and above market expectations.

On the expenditure side, private consumption expanded by 0.3 percent as expenditures on durables such as automobiles and on services increased.

Construction investment grew by 4.8 percent, due to growth in residential building construction.

Facilities investment fell by 1.3 percent, despite an increase in transport equipment investment, as machinery investment dropped.

Intellectual property products investment rose by 7.5 percent, centering around private sector R&D investment.

Exports grew by 1.7 percent, with increases in exports of electrical & electronic devices and petrochemical products. However, imports fell by 0.5 percent due to decreases in imports of machinery and chemical products.

The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
4/24/2014 12:15:53 AM

RECENT RELEASES

South Korea GDP Advances 0.9% QoQ in Q4
South Korean GDP advanced a seasonally adjusted 0.9 percent on quarter in the fourth quarter of 2013, in line with expectations and unchanged from the advance estimate. Published on 2014-03-25

South Korea GDP Growth Matches Expectations in Q4 2013
In the fourth quarter of 2013, South Korean economy advanced a seasonally adjusted 0.9 percent quarter-on-quarter, slowing from 1.1 percent in the previous two quarters, but matching market expectations. Advance estimates for the full 2013 showed the GDP expanded 2.8 percent, up from 2 percent in 2012. Published on 2014-01-22


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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