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

The South Korean economy expanded a seasonally adjusted 0.7 percent on quarter in the three months to June of 2016, accelerating slightly from a 0.5 percent growth in the previous period and in line with market expectations. A recovery in private spending and exports and rising investment led the expansion, preliminary 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
0.70 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 July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-04-25 11:00 PM Q1 0.4% 0.7% 0.5% 0.7%
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%
2016-09-04 11:00 PM Q2 0.5% 0.7% 0.7%
2016-10-24 11:00 PM Q3 0.5%
2016-12-02 11:00 PM Q3

South Korea GDP Growth Up to 0.7% in Q2


The South Korean economy expanded a seasonally adjusted 0.7 percent on quarter in the three months to June of 2016, accelerating slightly from a 0.5 percent growth in the previous period and in line with market expectations. A recovery in private spending and exports and rising investment led the expansion, preliminary figures showed.

Private spending advanced 0.9 percent, rebounding from a 0.2 percent fall in the first quarter and boosted by durable goods and semi-durable goods such as clothing. In contrast, government consumption slowed (up 0.2 percent compared to 1.3 percent).
 
Gross fixed capital formation jumped 2.6 percent, 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 increased 2.9 percent, recovering from a 7.4 percent decline in the first quarter; intellectual property products such as software went up at a faster 1.1 percent (0.3 percent in the previous period) and construcion investment slowed (2.9 percent from 6.8 percent in the previous period).
 
Exports grew 0.9 percent, recovering from a 1.1 percent fall in the previous period, as sales of goods such as semiconductor, petroleum and chemical products increased. Imports rose 1.9 percent, after slumping 3.1 percent, mainly due to crude oil and automobiles.
 
On a year-on-year basis, the economy advanced 3.2 percent, higher than a 2.8 percent expansion in the first three months of the year. Figures beat market expectations of a 2.9 percent growth, reaching the highest in seven quarters.

The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
7/26/2016 12:57:14 AM

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.70 0.50 6.80 -7.00 percent [+]
GDP Annual Growth Rate 3.20 2.80 18.20 -7.30 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 375040.10 372372.20 375040.10 6626.29 KRW Billion [+]
Gross National Product 376381.30 397275.40 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 112154.60 109357.00 112154.60 359.12 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 7458.40 7044.50 7766.10 1627.32 KRW Billion [+]
GDP From Construction 15485.80 14849.60 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 104930.50 105539.90 105539.90 297.74 KRW Billion [+]
GDP From Mining 599.20 576.30 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22650.80 22558.20 22650.80 1673.48 KRW Billion [+]
GDP From Services 199494.50 198597.80 199494.50 4114.29 [+]
GDP From Transport 12749.00 12702.60 12749.00 113.95 KRW Billion [+]
GDP From Utilities 7452.30 7509.30 7509.30 10.30 KRW Billion [+]




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Thailand 0.90 Mar/16
Lithuania 0.80 Mar/16
Mexico 0.80 Mar/16
Paraguay 0.80 Mar/16
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Spain 0.80 Mar/16
Turkey 0.80 Mar/16
Taiwan 0.78 Mar/16
Bulgaria 0.70 Mar/16
Costa Rica 0.70 Dec/15
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Germany 0.70 Mar/16
Luxembourg 0.70 Mar/16
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Slovakia 0.70 Mar/16
South Korea 0.70 Jun/16
Canada 0.60 Mar/16
Croatia 0.60 Apr/16
Euro Area 0.60 Mar/16
Finland 0.60 Mar/16
France 0.60 Mar/16
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Austria 0.50 Mar/16
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Japan 0.50 Mar/16
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Slovenia 0.50 Mar/16
Sweden 0.50 Mar/16
Czech Republic 0.40 Mar/16
Israel 0.40 Mar/16
Tunisia 0.40 Mar/16
Italy 0.30 Mar/16
Malta 0.30 Mar/16
Belgium 0.20 Mar/16
Colombia 0.20 Mar/16
Portugal 0.20 Mar/16
Jamaica 0.10 Dec/15
Latvia 0.10 Mar/16
Switzerland 0.10 Mar/16
Uruguay 0.10 Mar/16
Cameroon 0.05 Dec/15
Estonia 0.00 Mar/16
Peru 0.00 Mar/16
Poland -0.10 Mar/16
Belize -0.25 Dec/15
Brazil -0.30 Mar/16
Indonesia -0.34 Mar/16
Hong Kong -0.40 Mar/16
Greece -0.50 Mar/16
Iceland -0.50 Mar/16
Qatar -0.50 Dec/15
Russia -0.57 Sep/15
Trinidad And Tobago -0.60 Dec/15
Argentina -0.70 Mar/16
Ukraine -0.70 Mar/16
Hungary -0.80 Mar/16
South Africa -1.20 Mar/16
Uganda -1.30 Mar/16
Kenya -1.40 Mar/16
Namibia -1.60 Mar/16
Ecuador -1.90 Mar/16
Ireland -2.10 Mar/16
Nigeria -13.70 Mar/16
Senegal -14.10 Mar/16