South Korea GDP Growth Rate  1970-2017 | Data | Chart | Calendar

The South Korean economy expanded 0.4 percent on quarter in the last three months of 2016, beating market expectations of a 0.3 percent increase. Yet, it is the lowest growth rate in six quarters as household, public spending and investment slowed and exports edged down, preliminary estimates showed. GDP Growth Rate in South Korea averaged 1.65 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.

South Korea GDP Growth Rate
Receive the next reported value for South Korea GDP Growth Rate in you Inbox



We will not not share your email with third parties and you can unsubscribe at any time.
Please Paste this Code in your Website
Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-10-24 11:00 PM Q3 0.7% 0.8% 0.6% 0.5%
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 0.6% 0.4% 0.4%
2017-04-26 11:00 PM Q1 0.83%
2017-06-01 11:00 PM Q1 0.83%




South Korea GDP Growth Beats Expectations in Q4


The South Korean economy expanded 0.4 percent on quarter in the last three months of 2016, beating market expectations of a 0.3 percent increase. Yet, it is the lowest growth rate in six quarters as household, public spending and investment slowed and exports edged down, preliminary estimates showed.

Private consumption expanded a meager 0.2 percent (0.5 percent in the previous period) as expenditures on durable goods increased. Public spending rose at a slower 0.5 percent (1.4 percent in the previous period).
 
Gross fixed capital formation eased (0.8 percent compared to 2 percent in the previous period): facilities investment grew 6.3 percent (0.2 percent in the previous period), led by investment in transport equipment and machinery; investment in intellectual property products expanded 0.2 percent (0.6 percent in the previous period) with an increase in R&D investment and construction investment fell 1.7 percent (+3.5 percent in the previous period) with a decrease in civil engineering.
 
Exports contracted 0.1 percent (+0.6 percent in the previous period), mainly due to sales of transport services that offset an increase in exports of automobiles. Imports rose 0.2 percent (2.8 percent in the previous period), as purchases of crude oil and natural gas increased.
 
Year-on-year, the economy advanced 2.3 percent, below 2.6 percent in the previous quarter but above market expectations of 2.2 percent. Considering full 2016, the GDP advanced 2.7 percent, slightly higher than 2.6 percent in 2015 and matching the central bank growth target.

Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
1/24/2017 11:49:27 PM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.40 0.60 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.30 2.60 18.20 -7.30 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 379112.70 377952.40 379112.70 6626.29 KRW Billion [+]
Gross National Product 391026.40 390475.10 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 115561.20 114705.70 115561.20 359.12 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 6699.20 6940.30 7766.10 1627.32 KRW Billion [+]
GDP From Construction 16562.30 16588.10 16588.10 279.27 KRW Billion [+]
GDP From Manufacturing 107175.30 105156.60 107175.30 297.74 KRW Billion [+]
GDP From Mining 593.60 624.30 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23109.60 22981.70 23109.60 1673.48 KRW Billion [+]
GDP From Services 202582.90 202862.20 202862.20 4114.29 [+]
GDP From Transport 12844.40 12855.70 12855.70 113.95 KRW Billion [+]
GDP From Utilities 7499.50 7913.10 7913.10 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 February of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.40 0.60 6.80 -7.00 1970 - 2016 percent Quarterly



Last
Singapore 12.30 Dec/16
Nigeria 8.99 Sep/16
Bangladesh 7.05 Dec/16
Venezuela 6.80 Dec/13
Vietnam 6.68 Dec/16
Namibia 6.00 Sep/16
Egypt 4.90 Mar/16
Rwanda 4.80 Sep/16
Iceland 4.70 Sep/16
Cape Verde 4.50 Dec/14
Morocco 4.50 Dec/15
Pakistan 4.24 Dec/15
Sri Lanka 4.10 Sep/16
Algeria 4.00 Dec/14
Ireland 4.00 Sep/16
Macedonia 3.90 Mar/14
United Arab Emirates 3.90 Dec/15
Qatar 3.60 Sep/16
Mauritius 3.10 Sep/16
Angola 3.00 Dec/16
Ukraine 1.90 Dec/16
United States 1.90 Dec/16
India 1.80 Sep/16
Bahrain 1.70 Sep/16
China 1.70 Dec/16
Croatia 1.70 Sep/16
Philippines 1.70 Dec/16
Poland 1.70 Dec/16
Israel 1.50 Dec/16
Tanzania 1.50 Sep/10
Malaysia 1.40 Dec/16
Mongolia 1.40 Jun/16
Lithuania 1.30 Dec/16
Romania 1.30 Dec/16
Kazakhstan 1.26 Dec/13
Hong Kong 1.20 Dec/16
Costa Rica 1.15 Sep/16
Ghana 1.10 Sep/16
New Zealand 1.10 Sep/16
Norway 1.10 Dec/16
Uruguay 1.10 Sep/16
Bosnia and Herzegovina 1.00 Sep/16
Colombia 1.00 Dec/16
Slovenia 1.00 Sep/16
Albania 0.90 Sep/16
Bulgaria 0.90 Dec/16
Canada 0.90 Sep/16
Jamaica 0.90 Sep/16
Saudi Arabia 0.90 Sep/16
Latvia 0.80 Dec/16
Slovakia 0.80 Dec/16
Mexico 0.70 Dec/16
Spain 0.70 Dec/16
United Kingdom 0.70 Dec/16
Chile 0.60 Sep/16
Moldova 0.60 Jun/16
Peru 0.60 Dec/16
Portugal 0.60 Dec/16
Austria 0.50 Dec/16
Cyprus 0.50 Dec/16
Ecuador 0.50 Sep/16
European Union 0.50 Dec/16
Netherlands 0.50 Dec/16
Paraguay 0.50 Sep/16
Sweden 0.50 Sep/16
Taiwan 0.45 Dec/16
Belgium 0.40 Dec/16
Denmark 0.40 Dec/16
Euro Area 0.40 Dec/16
France 0.40 Dec/16
Germany 0.40 Dec/16
Hungary 0.40 Dec/16
South Korea 0.40 Dec/16
Thailand 0.40 Dec/16
Cameroon 0.30 Mar/16
Czech Republic 0.20 Dec/16
Estonia 0.20 Sep/16
Italy 0.20 Dec/16
Japan 0.20 Dec/16
Malta 0.20 Jun/16
South Africa 0.20 Sep/16
Tunisia 0.20 Sep/16
El Salvador 0.13 Sep/16
Kenya 0.10 Sep/16
Belize 0.04 Sep/16
Serbia 0.00 Jun/16
Switzerland 0.00 Sep/16
Luxembourg -0.10 Sep/16
Argentina -0.20 Sep/16
Uganda -0.20 Sep/16
Greece -0.40 Dec/16
Australia -0.50 Sep/16
Finland -0.50 Dec/16
Bolivia -0.56 Mar/16
Russia -0.57 Sep/15
Botswana -0.80 Sep/16
Brazil -0.80 Sep/16
Mozambique -1.70 Dec/16
Senegal -1.70 Sep/16
Indonesia -1.77 Dec/16
Dominican Republic -2.18 Sep/16
Turkey -2.70 Sep/16
Trinidad And Tobago -2.80 Jun/16