South Korea GDP Growth Rate

The Gross Domestic Product (GDP) in South Korea expanded 0.90 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in South Korea is reported by the The Bank of Korea. From 1970 until 2013, South Korea GDP Growth Rate averaged 1.7 Percent reaching an all time high of 6.8 Percent in March of 1988 and a record low of -7.0 Percent in March 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. 2014-04-19

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.90 1.10 6.80 -7.00 1.30 | 2014/03 1970 - 2013 Percent Quarterly

TO

South Korea GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-10-25 12:00 AM South Korea
GDP Growth Rate QoQ
Q3 2013 (A) 1.1% 1.1% 1.0% 1.33%
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% 1.3%
2014-07-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q2 2014 1.3%
[+]

GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate 0.90 2013-12-31 1.10 6.80 -7.00 1.30 2014-03-31 Percent [+]
GDP Annual Growth Rate 3.70 2013-12-31 3.40 18.20 -7.30 4.40 2014-03-31 Percent [+]
GDP per capita 21562.45 2012-12-31 21226.03 21562.45 1467.10 22008.93 2013-12-31 USD [+]
GDP per capita PPP 27990.83 2012-12-31 27554.12 27990.83 5543.57 28569.59 2013-12-31 USD [+]
GDP Constant Prices 350505.10 2013-11-15 285348.50 350505.10 14934.60 334209.75 2014-03-31 KRW Billion [+]
Gross Fixed Capital Formation 101518.70 2013-11-15 70686.00 101518.70 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 1159.86 2013-12-31 USD Billion [+]
[+]


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.

Electricity, water and gas production recorded the highest growth rate (8.3 percent), rebounding from a 0.3 percent contraction in the previous quarter.

Agriculture, forestry and fishing activities increased 7.4 percent qoq (4.6 percent in the previous quarter) and manufacturing and services rose 0.8 percent each.

Construction output contracted 2.4 percent.

Year-on-year, the GDP growth was revised downwards to 3.7 percent in the last quarter of 2013, down from an initial 3.9 percent estimate.

The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
3/25/2014 11:40:41 PM

RECENT RELEASES

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

South Korean Economy Advances 1.1% QoQ in Q3
South Korean quarter-on-quarter GDP growth was confirmed at 1.1 percent in the third quarter of 2013, the same rate recorded in the previous three-month period. Published on 2013-12-04


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.


RELATED NEWS

Bank of Korea Leaves Monetary Policy Unchanged  
At its April 10th, 2014 meeting, South Korea's central bank held the benchmark interest rate unchanged at 2.5 percent, as widely expected. Under new Governor Lee Ju-yeol, the Bank of Korea cited signs of recovery at home and abroad and uncertainty about the US Federal Reserve's stimulus.
South Korea Unemployment Rate Falls in March  
South Korea jobless rate decreased to 3.5 percent in March of 2014, after reaching a three-year high 3.9 percent in February, thanks to new jobs created in agriculture and social services.
South Korea Trade Surplus Widens 25.7% YoY in March  
South Korean trade surplus increased to USD 4.19 billion in March of 2014, up from a USD 933 million surplus in the previous month and USD 3.33 billion surplus a year earlier. Exports jumped to the second-highest value on record due to higher demand from the US and the EU.
South Korea Inflation Rate Accelerates in March  
South Korean consumer prices rose in March of 2014 to an annual rate of 1.3 percent, up from 1 percent in February. The inflation rate rose for the first time in four months to a seven-month high, mainly due to higher childcare cost.
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.
South Korea GDP Growth Revised Down to 3.7% YoY  
In the fourth quarter of 2013, South Korean GDP advanced 3.7 percent over a year earlier, down from an initial 3.9 percent estimate. Exports, government spending and contruction investment rose at a slower pace than initially estimated.
Bank of Korea Holds Rates  
At its March 13th, 2014 meeting, South Korea’s central bank decided to hold the base rate unchanged at 2.5 percent, citing mixed signs of a global recovery.
South Korea Unemployment Rate Hits 3-Year High  
In February of 2014, South Korean seasonally adjusted jobless rate rose to 3.9 percent, up from 3.2 percent in the previous month. While the number of job seekers increased as the season for graduation and recruitment led more young people to actively look for job, the number of people in work hit its highest level in 15 years.
South Korea Inflation Rate Slows in February  
South Korea annual inflation rate eased to a four-month low 1 percent in February of 2014, down from 1.1 percent in the previous two months.
South Korea Trade Surplus Narrows over a Year Earlier  
In February of 2014, South Korean trade surplus decreased for the second straight month to USD 926 million, down from USD 1.9 billion a year earlier. Sales in January and February usually show volatility due to the Lunar New Year holidays.
MORE RELATED NEWS

LATEST NEWS

Chile Leaves Monetary Policy Unchanged  
At its April 17th, 2014 meeting, Central Bank of Chile left the benchmark interest rate on hold at 4 percent, following last month's cut, citing low output and demand, but hinted possible future rate cuts, depending on domestic and external conditions.
Russia Unemployment Drops in March  
Russian jobless rate fell for the first time in four months to 5.4 percent, after remaining stable at 5.6 percent in the previous two months.
Canada Inflation Rises Above Forecasts in March  
The annual consumer prices in Canada accelerated to 1.5 percent in March of 2014 following a 1.1 increase in the previous month, as energy prices surged.
US Jobless Claims Rise Slightly  
In the week ending April 12, the advance figure for seasonally adjusted initial claims was 304,000, an increase of 2,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 300,000 to 302,000. There were no special factors impacting this week's initial claims.
Brazil Unemployment Rate Down to 5%  
In March of 2014, Brazil’s jobless rate fell by 0.1 percentage point to 5 percent, below market forecasts. A year earlier, unemployment reached 5.7 percent.
Dutch Unemployment Rate Falls for the First Time in 2014  
In March of 2014, Netherlands’ seasonally adjusted jobless rate fell to 8.7 percent from 8.8 percent in the previous month and 8.1 percent a year earlier, as more people left permanently the labor market rather than found jobs.
Singaporean Trade Surplus Narrows Sharply in March  
The trade surplus decreased 51.1 percent in March of 2014 over a year earlier and 47.2 percent from February to SGD 2.3 billion. Imports rose at a faster pace than exports, as sales of pharmaceuticals and electronics fell, while shipments of petrochemicals and re-exports contributed to overall increase.
Mozambique Leaves Lending Rate Steady at 8.25%  
At its April 16th, 2014 meeting, Bank of Mozambique left its benchmark interest rate unchanged at 8.25 percent for the sixth consecutive meeting, saying this was consistent with meeting domestic economic targets for 2014.
Spanish Trade Deficit Narrows to 4-Month Low  
In February of 2014, Spanish trade gap decreased to € 1.62 billion, down from € 2.82 billion in the previous month. Compared with the same month a year earlier, the trade deficit widened 37 percent.
Angolan Inflation Rate Down To 7.32% in March  
The annual consumer prices in Angola decelerated for the second consecutive month to 7.32 percent in March of 2014, from 7.48 percent recorded in February of 2014.
MORE TOP NEWS

OVERVIEW    |     WORLBANK    |     [+] Calendar    |     [+] Countries    |     [+] Indicators    |     News






Markets

GDP

Labour

Prices

Money

Trade

Government

Business

Consumer

Taxes

Housing