South Korea GDP Growth Rate  1960-2017 | Data | Chart | Calendar

The South Korean economy expanded 0.5 percent on quarter in the last three months of 2016, beating preliminary estimates of a 0.4 percent growth. The final print mimicked the 0.5 percent expansion in Q3 as construction and services rose faster than anticipated, final figures showed. GDP Growth Rate in South Korea averaged 1.82 percent from 1960 until 2016, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7 percent in the first quarter of 1998.

South Korea GDP Growth Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-12-01 11:00 PM Q3 0.6% 0.8% 0.7% 0.7%
2017-01-24 11:00 PM Q4 0.4% 0.6% 0.3% 0.4%
2017-03-27 11:00 PM Q4 0.5% 0.6% 0.4% 0.4%
2017-04-26 11:00 PM Q1 0.5% 0.6%
2017-06-01 11:00 PM Q1 0.5% 0.78%
2017-07-26 11:00 PM Q2 0.4%




South Korea GDP Growth Revised Up To 0.5% QoQ in Q4


The South Korean economy expanded 0.5 percent on quarter in the last three months of 2016, beating preliminary estimates of a 0.4 percent growth. The final print mimicked the 0.5 percent expansion in Q3 as construction and services rose faster than anticipated, final figures showed.

Services edged up 0.2 percent, compared to a flat reading in the preliminary estimate (0.6 percent in Q3); construction rose 1.3 percent, above 0.5 percent in the preliminary figures (2.3 percent in Q3) and manufacturing went up 1.8 percent, matching initial estimates (-0.4 percent in Q3). In addition, utilities fell 3 percent, compared to a 4.3 percent drop initially estimated (+3.4 percent in Q3) and agriculture declined 1.8 percent, less than a 2.8 percent drop in the preliminary estimates (-1.9 percent in Q3). 

On the expenditure side, private consumption expanded 0.2 percent, the same as in earlier estimates (0.6 percent in Q3) while public spending rose at a slightly faster 0.6 percent compared to a preliminary of 0.5 percent (0.9 percent in Q3). Gross fixed capital formation went up 1 percent, above a preliminary of 0.8 percent (1.5 percent in Q3). Exports contracted 0.1 percent, matching preliminary figures (+1 percent in Q3) while imports edged down 0.1 percent, compared to preliminary estimates of a 0.2 percent gain (+2.6 percent in Q3). 

Year-on-year, the economy advanced 2.4 percent, also above 2.3 percent in the first figures but below 2.6 percent in the previous quarter. Considering full 2016, GDP growth was revised up to 2.8 percent from 2.7 percent and slightly above the central bank growth target of 2.7 percent. In 2015, the economy advanced 2.8 percent.

Mario | mario@tradingeconomics.com
3/28/2017 12:41:44 PM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.50 0.50 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.40 2.60 19.60 -7.40 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 380244.90 378323.50 380244.90 6626.29 KRW Billion [+]
Gross National Product 410407.80 391749.40 410407.80 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 116760.30 115559.90 116760.30 359.12 KRW Billion [+]
GDP per capita 25022.80 24479.24 25022.80 1102.53 USD [+]
GDP per capita PPP 34386.57 33639.61 34386.57 12086.76 USD [+]
GDP From Agriculture 6857.10 6981.40 7681.00 1627.32 KRW Billion [+]
GDP From Construction 16953.90 16734.20 16953.90 279.27 KRW Billion [+]
GDP From Manufacturing 108549.80 106660.60 108549.80 297.74 KRW Billion [+]
GDP From Mining 582.80 626.40 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22778.50 22695.60 22778.50 1673.48 KRW Billion [+]
GDP From Services 202138.90 201659.80 202138.90 4114.29 [+]
GDP From Transport 12775.50 12674.30 12775.50 113.95 KRW Billion [+]
GDP From Utilities 7391.50 7621.30 7621.30 10.30 KRW Billion [+]



South Korea GDP Growth Rate Notes

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. South Korea GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on March of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 7.80 -7.00 1960 - 2016 percent Quarterly



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