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

The Gross Domestic Product (GDP) in South Korea expanded 0.30 percent in the second quarter of 2015 over the previous quarter. GDP Growth Rate in South Korea averaged 1.68 percent from 1970 until 2015, 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
0.30 0.80 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, July 29, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-04-23 12:00 AM Q1 0.8% 0.3% 0.7% 0.29%
2015-06-04 12:00 AM Q1 0.8% 0.3% 0.8% 0.8%
2015-07-23 12:00 AM Q2 0.3% 0.8% 0.4% 0.3%
2015-09-03 12:00 AM Q2 0.8% 0.3% 0.3%
2015-10-23 12:00 AM Q3 0.71%
2015-12-03 11:00 PM Q3


South Korea GDP Growth Slows in Q2


The South Korean economy advanced 0.3 percent on quarter in the three months to June down from a 0.8 percent expansion in the previous period, advance estimates from the central bank showed. Figures came below market expectations as the outbreak of Middle East Respiratory Syndrome lead to a contraction in private consumption.

The spread of MERS hurt tourism activities with wholesale and retail trade and and restaurant and hotels activities declining. Yet, private consumption shrank 0.3 percent on quarter in the three months to June, following a 0.6 percent gain in the previous period, as expenditure on semi-durables goods and services decreased.

Construction investment grew 1.7 percent centrered around building construction, but much lower than a 7.4 percent rise in the first quarter. Investment in intellectual property products grew a meager 0.1 percent (2.3 percent in the first quarter) as software investment rose while R&D declined.

Exports expanded 0.1 percent, the same as in the first quarter while imports grew at a slower 0.5 percent (0.6 percent in the first quarter). In contrast, government spending rose at a faster 0.7 percent (0.2 percent in the first quarter).

Year-on-year, the economy expanded 2.2 percent, down from a 2.5 percent increase in the first three months of 2015.

Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
7/23/2015 12:23:55 AM


Recent Releases

South Korea GDP Growth Matches Estimates in Q1
The South Korean economy advanced by 0.8 percent on quarter in the first quarter of 2015, accelerating from a 0.3 percent expansion in the previous period and matching preliminary estimates, as a rebound in investment and a slight increase in consumption offset a slowdown in exports.
Published on 2015-06-04

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.
Published on 2015-04-23

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 1410.38 1305.60 1410.38 2.36 USD Billion [+]
GDP Growth Rate 0.30 0.80 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.20 2.50 18.20 -7.30 percent [+]
GDP Constant Prices 363249.70 362171.20 363249.70 14934.60 KRW Billion [+]
Gross National Product 360936.70 377063.60 377063.60 14696.60 KRW Billion [+]
GDP per capita 24565.56 23875.18 24565.56 1106.76 USD [+]
Gross Fixed Capital Formation 106479.90 105401.40 106479.90 2402.10 KRW Billion [+]
GDP per capita PPP 33629.35 32684.23 33629.35 12086.76 USD [+]
GDP From Agriculture 6857.10 7715.70 7715.70 1627.32 KRW Billion [+]
GDP From Construction 14175.40 14115.00 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 104398.60 103561.30 104398.60 297.74 KRW Billion [+]
GDP From Mining 567.80 558.10 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22262.60 22141.90 22262.60 1673.48 KRW Billion [+]
GDP From Services 194895.30 194623.80 194895.30 4114.29 [+]
GDP From Transport 12337.10 12498.50 12498.50 113.95 KRW Billion [+]
GDP From Utilities 6894.30 6893.80 7141.20 10.30 KRW Billion [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.90 Mar/15 0.50 4.50 -2.00 percent [+]
Brazil -0.20 Mar/15 0.30 4.50 -4.20 percent [+]
Canada -0.10 Mar/15 0.60 3.33 -1.80 percent [+]
China 1.70 Jun/15 1.40 2.50 1.40 percent [+]
Euro Area 0.40 Mar/15 0.40 1.30 -2.90 percent [+]
France 0.60 Mar/15 0.10 7.70 -5.00 percent [+]
Germany 0.30 Mar/15 0.70 2.10 -3.70 percent [+]
India 4.10 Mar/15 3.10 7.40 -3.40 percent [+]
Indonesia -0.18 Mar/15 -2.06 3.83 -3.57 percent [+]
Italy 0.30 Mar/15 0.00 6.00 -3.50 percent [+]
Japan 1.00 Mar/15 0.30 3.20 -4.00 percent [+]
Mexico 0.40 Mar/15 0.70 2.90 -6.60 percent [+]
Netherlands 0.60 Mar/15 0.90 2.00 -2.20 percent [+]
Russia -1.29 Mar/15 -0.55 4.10 -5.40 percent [+]
South Korea 0.30 Jun/15 0.80 6.80 -7.00 percent [+]
Spain 1.00 Jun/15 0.90 1.53 -1.60 percent [+]
Switzerland -0.20 Mar/15 0.50 1.90 -2.20 percent [+]
Turkey 1.30 Mar/15 0.80 6.69 -7.57 percent [+]
United Kingdom 0.70 Jun/15 0.40 5.00 -2.70 percent [+]
United States -0.20 Mar/15 2.20 16.90 -10.00 percent [+]