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

The South Korean economy expanded 0.9 percent on quarter in the first three months of 2017, beating estimates of a 0.7 percent growth. The preliminary print outpaced tandem 0.5 percent expansions in the previous two quarters and is the highest since the second quarter of 2016. Faster growth was explained by improvements in all supply-side components excluding a slight downtick in services, and by a softer decline in utilities. GDP Growth Rate in South Korea averaged 1.82 percent from 1960 until 2017, 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)
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 0.9% 0.5% 0.7% 0.6%
2017-06-01 11:00 PM Q1 0.5% 0.9% 0.9%
2017-07-26 11:00 PM Q2 0.4%
2017-08-31 11:00 PM Q2




South Korea GDP Expands 0.9% In Q1


The South Korean economy expanded 0.9 percent on quarter in the first three months of 2017, beating estimates of a 0.7 percent growth. The preliminary print outpaced tandem 0.5 percent expansions in the previous two quarters and is the highest since the second quarter of 2016. Faster growth was explained by improvements in all supply-side components excluding a slight downtick in services, and by a softer decline in utilities.

On the supply side, services edged up 0.1 percent in the first quarter of 2017, growing less than the 0.2 percent in the last three months of 2016. Contrastingly, construction grew further in Q1 (4.0 percent vs 1.3 percent in the previous period). Manufacturing also gained steam in the first three months of 2017, growing 2.0 percent after expanding 1.8 percent in the previous quarter. Meanwhile, agriculture rebounded in Q1, rising 6.4 percent after contracting 1.8 percent in the previous three months. As for utilities, the 2.2 percent fall was softer than the preceding 3.0 percent decline.

On the expenditure side, private consumption expanded 0.4 percent in the first quarter of 2017 (compared to 0.2 percent in the previous quarter). Government spending grew at a softer pace of 0.5 percent (from 0.6 percent). Meanwhile, gross fixed capital formation expanded 4.0 percent following a 1.0 percent increase in the preceding quarter. Exports rebounded by 1.9 percent after a slight 0.1 percent contraction in the previous three months. Imports also rebounded markedly, increasing by 4.3 percent after also contracting 0.1 percent in the last three months of 2016.

Year-on-year, the economy advanced 2.7 percent, also outpacing forecasts of a 2.6 percent expansion and above the 2.4 percent growth of the previous quarter.

Mario | mario@tradingeconomics.com
4/26/2017 11:37:16 PM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.90 0.50 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.70 2.40 19.60 -7.40 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 383599.50 380244.90 383599.50 6626.29 KRW Billion [+]
Gross National Product 410407.80 391749.40 410407.80 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 121398.10 116760.30 121398.10 359.12 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 7295.90 6857.10 7681.00 1627.32 KRW Billion [+]
GDP From Construction 17624.00 16953.90 17624.00 279.27 KRW Billion [+]
GDP From Manufacturing 110760.40 108549.80 110760.40 297.74 KRW Billion [+]
GDP From Mining 577.30 582.80 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23018.10 22778.50 23018.10 1673.48 KRW Billion [+]
GDP From Services 202240.10 202138.90 202240.10 4114.29 KRW Billion [+]
GDP From Transport 12790.00 12775.50 12790.00 113.95 KRW Billion [+]
GDP From Utilities 7227.00 7391.50 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 May of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.90 0.50 7.80 -7.00 1960 - 2017 percent Quarterly



gdp growth rate by Country

Last
Turkey 3.80 Dec/16
India 1.60 Dec/16
China 1.30 Mar/17
Australia 1.10 Dec/16
South Korea 0.90 Mar/17
Spain 0.80 Mar/17
Mexico 0.70 Mar/17
United States 0.70 Mar/17
Canada 0.60 Dec/16
Germany 0.60 Mar/17
Euro Area 0.50 Mar/17
Japan 0.50 Mar/17
Netherlands 0.40 Mar/17
France 0.30 Mar/17
United Kingdom 0.30 Mar/17
Italy 0.20 Mar/17
Switzerland 0.10 Dec/16
Indonesia -0.34 Mar/17
Russia -0.57 Sep/15
Brazil -0.90 Dec/16