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

The South Korean economy advanced 0.5 percent quarter-on-quarter in the March quarter of 2016, faster than an earlier projection of a 0.4 percent expansion in an earlier estimate, preliminary estimates showed. It is the weakest growth since the third quarter of 2015 as private consumption, facilities investment and exports contracted. 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
0.50 0.70 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 June of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-03-24 11:00 PM Q4 0.7% 1.2% 0.6% 0.6%
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 0.5% 0.6%
2016-09-04 11:00 PM Q2 0.5%
2016-10-24 11:00 PM Q3 0.5%

South Korea Economy Expands 0.5% QoQ in Q1


The South Korean economy advanced 0.5 percent quarter-on-quarter in the March quarter of 2016, faster than an earlier projection of a 0.4 percent expansion in an earlier estimate, preliminary estimates showed. It is the weakest growth since the third quarter of 2015 as private consumption, facilities investment and exports contracted.

On the expenditure side, final consumption expenditure grew 0.1 percent, compared to a 1.3 percent expansion in the preceding quarter. Private consumption contracted by 0.2 percent (from +1.4 percent in Q4), as spending on durable and semi-durable decreased. Government spending grew by 1.3 percent (+1.0 percent in Q3). Gross fixed capital formation rose 1.3 percent after registering a 1.0 percent growth in the preceding quarter. Construction investment grew by 6.8 percent (from -2.4 percent in Q4), with an increase in building construction and civil engineering. Intellectual property products investment rose by 0.3 percent (from +0.7 percent), with increases in both R&D and other intellectual property product. In contrast, facilities investment contracted by 7.4 percent (from +0.5 percent), with decreases in machinery investment and transport equipment investment. Exports dropped by 1.1 percent (from +2.1 percent), as sales of goods such as petroleum & coal products and automobiles declined. Imports fell by 3.1 percent (from +3.2 percent), mainly on decreases in machinery and transport equipment.

On the production side, manufacturing sector fell by 0.2 percent (from +0.7 percent), as production of machinery & equipment and automobile products decreased. Electricity, gas & water supply contracted by 1.8 percent (from +0.8 percent). In contrast, construction sector expanded by 4.8 percent (from +0.7 percent), with increases in both building construction and civil engineering. Services sector rose by 0.5 percent (from +0.7 percent), centering around finance & insurance and health & social work. Agriculture, forestry & fishing also also grew by 6.5 percent, following a 2.6 percent decline in the December quarter.

Year-on-year, GDP advanced 2.8 percent in the March quarter 2016, compared to an earlier projection of a 2.7 percent growth.

Bank of Korea l Rida Husna | rida@tradingeconomics.com
6/2/2016 2:16:57 AM

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.50 0.70 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.80 3.10 18.20 -7.30 percent [+]
GDP 1410.38 1305.60 1410.38 2.36 USD Billion [+]
GDP Constant Prices 372372.20 370486.40 372372.20 6626.29 KRW Billion [+]
Gross National Product 376381.30 397275.40 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 109357.00 108060.60 109357.00 359.12 KRW Billion [+]
GDP per capita 24565.56 23875.18 24565.56 1106.76 USD [+]
GDP per capita PPP 33629.35 32684.23 33629.35 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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