South Korea GDP Growth Rate  1970-2016 | Data | Chart | Calendar

The South Korean economy advanced 0.8 percent on quarter in the three months to June of 2016, higher than a 0.5 increase in the previous period and better than a 0.7 percent growth in the preliminary estimate. It is the highest growth rate in three quarters as private spending, investment and exports rose more than initially estimated, final figures showed. GDP Growth Rate in South Korea averaged 1.67 percent from 1970 until 2016, 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.

South Korea GDP Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.80 0.50 6.80 -7.00 1970 - 2016 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. South Korea GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on September of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-06-01 11:00 PM Q1 0.5% 0.7% 0.4% 0.4%
2016-07-25 11:00 PM Q2 0.7% 0.5% 0.7% 0.6%
2016-09-01 11:00 PM Q2 0.8% 0.5% 0.7% 0.7%
2016-10-24 11:00 PM Q3 0.8% 0.5%
2016-12-02 11:00 PM Q3 0.8%

South Korea GDP Growth Revised Up to 0.8% QoQ


The South Korean economy advanced 0.8 percent on quarter in the three months to June of 2016, higher than a 0.5 increase in the previous period and better than a 0.7 percent growth in the preliminary estimate. It is the highest growth rate in three quarters as private spending, investment and exports rose more than initially estimated, final figures showed.

Private consumption rose 1 percent, rebounding from a 0.2 percent fall in the first quarter and better than a 0.9 percent increase in the preliminary estimate, boosted by spending on durable goods such as automobiles. In contrast, public expenditure edged up 0.1 percent, slowing sharply from a 1.3 percent rise in the first quarter and a 0.2 percent increase in the preliminary estimate.
 
Gross fixed capital formation jumped at a faster 2.7 percent (2.6 percent in the preliminary estimate), following a 1.2 percent increase in the first quarter and reaching the highest growth rate in a year. Investment in facilities such as transport equipment and machinery increased 2.8 percent (2.9 percent, in the preliminar estimate), recovering from a 7.4 percent decline in the first quarter; intellectual property products such as software went up 1.5 percent (1.1 percent in the preliminary estimate), much higher than a 0.3 percent rise in the previous period and construcion investment went up 3.1 percent (2.9 percent in the preliminary estimate), slowing from a 6.8 percent rise in the previous period.
 
Exports grew at a faster 1.1 percent (0.9 percent in the preliminary estimate), recovering from a 1.1 percent fall in the previous period, as sales of goods such as semiconductors, petroleum and chemical products increased. Imports rose 2.1 percent (1.9 percent in the preliminary estimate) after slumping 3.1 percent, mainly due to crude oil and automobiles.
 
Year-on-year, the economy advanced 3.3 percent, better than 2.8 percent in the first quarter and higher than 3.2 percent in the preliminary estimate. 

Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
9/2/2016 12:22:49 AM

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.80 0.50 6.80 -7.00 percent [+]
GDP Annual Growth Rate 3.30 2.80 18.20 -7.30 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 375333.60 372372.20 375333.60 6626.29 KRW Billion [+]
Gross National Product 390475.10 376381.30 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 112340.80 109356.80 112340.80 359.12 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 7005.10 7500.30 7766.10 1627.32 KRW Billion [+]
GDP From Construction 15889.50 15728.20 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 106261.80 104987.00 106261.80 297.74 KRW Billion [+]
GDP From Mining 589.60 589.90 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22893.00 22663.50 22893.00 1673.48 KRW Billion [+]
GDP From Services 200819.90 199567.70 200819.90 4114.29 [+]
GDP From Transport 12646.70 12720.90 12720.90 113.95 KRW Billion [+]
GDP From Utilities 7400.80 7375.50 7509.30 10.30 KRW Billion [+]




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