South Korea GDP Growth Rate 1970-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in South Korea expanded 0.30 percent in the fourth quarter of 2014 over the previous quarter. GDP Growth Rate in South Korea averaged 1.69 percent from 1970 until 2014, 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.

      Forecast    
South Korea GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.30 0.80 6.80 -7.00 1970 - 2014 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. Content for - South Korea GDP Growth Rate - was last refreshed on Tuesday, April 21, 2015.


South Korea GDP Expands 0.3% QoQ in Q4


The South Korean economy advanced 0.3 percent on quarter in the three months to December, lower than a revised 0.8 percent expansion in the previous period. It is the slowest growth since the third quarter of 2012, mainly due to a decline in construction investment and a sharp slowdown in government consumption.

On the expenditure side, private consumption expanded by 0.5 percent, slowing from a 0.8 percent growth in the previous quarter. Government consumption grew 0.2 percent, sharply slowing from 2.1 percent expansion in the third quarter. Construction investment fell by 7.8 percent, following a 0.9 percent growth in the previous quarter. Intellectual property products investment also declined by 0.5 percent from a 0.3 percent contraction in the third quarter. In contrast, facilities investment grew 4.0 percent, accelerating from a 0.2 percent growth in the September quarter. Exports grew by 0.4 percent, rebounding from a 1.7 percent decline in the third quarter. Imports also advanced by 0.7 percent, turning around from a 0.7 percent decline in the previous quarter.
 
On the production side, the construction sector declined by 3.0 percent, following a 0.9 percent growth in the third quarter. The services sector slowed to 0.6 percent from a 1.2 percent growth in the previous wuarter. In contrast, an expansion were recorded for: the agriculture sector (+2.8 percent from 2.0 percent growth in Q3), the manufacturing (+0.0 percent from 0.9 percent decline) and the electricity, gas & water supply (+4.9 percent from 3.5 percent).
 
Year-on-year, the GDP advanced 2.7 percent in the last quarter of 2014, down from a 3.2 percent rise in the previous period.
 

Bank of Korea l Rida Husna l rida@tradingeconomics.com
3/25/2015 7:36:06 AM


Recent Releases

South Korea GDP Growth Matches Estimates in Q4
The South Korean economy advanced 0.4 percent on quarter in the three months to December, in line with market expectations but lower than a 0.9 percent increase in the previous period. It was the slowest growth since the third quarter of 2012 as exports and investment contracted and consumption slowed. Published on 2015-01-23

South Korea GDP Expands 0.9% QoQ in Q3
The South Korean economy advanced 0.9 percent on quarter in the three months to September compared with a 0.5 percent expansion in the previous period and due to a rebound in private consumption and higher construction investment. Published on 2014-10-24


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-12-03 11:00 PM
GDP Growth Rate QoQ Final  Q3
0.9% 0.5% 0.9% 0.9%
2015-01-22 11:00 PM
GDP Growth Rate QoQ Adv  Q4
0.4% 0.9% 0.4% 0.41%
2015-03-24 11:00 PM
GDP Growth Rate QoQ Final  Q4
0.3% 0.8% 0.4% 0.4%
2015-04-23 12:00 AM
GDP Growth Rate QoQ Adv  Q1
0.3% 0.5% 0.29%
2015-06-04 12:00 AM
GDP Growth Rate QoQ Final  Q1
0.3%
2015-07-23 12:00 AM
GDP Growth Rate QoQ Adv  Q2
0.51%


South Korea GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.30 0.80 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.70 3.20 18.20 -7.30 percent [+]
GDP Constant Prices 359207.70 358782.20 359207.70 14934.60 KRW Billion [+]
Gross National Product 377063.60 355780.70 377063.60 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 101313.20 105875.40 105875.40 2402.10 KRW Billion [+]
GDP per capita PPP 32708.11 31901.07 32708.11 12086.76 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.50 Nov/14 0.40 4.50 -2.00 percent [+]
Brazil 0.30 Nov/14 0.20 4.50 -4.20 percent [+]
Canada 0.60 Nov/14 0.80 3.33 -1.80 percent [+]
China 1.30 Feb/15 1.50 2.50 1.40 percent [+]
Euro Area 0.30 Nov/14 0.20 1.30 -2.80 percent [+]
France 0.10 Nov/14 0.30 1.60 -1.70 percent [+]
Germany 0.70 Nov/14 0.10 2.10 -3.70 percent [+]
India 1.60 Nov/14 2.20 5.80 -1.90 percent [+]
Indonesia -2.06 Nov/14 3.16 3.83 -3.57 percent [+]
Italy 0.00 Nov/14 -0.10 6.00 -3.50 percent [+]
Japan 0.40 Nov/14 -0.60 3.20 -4.00 percent [+]
Mexico 0.70 Nov/14 0.50 2.90 -6.60 percent [+]
Netherlands 0.80 Nov/14 0.30 2.00 -2.20 percent [+]
Russia 0.00 Nov/14 0.00 4.10 -5.40 percent [+]
South Korea 0.30 Nov/14 0.80 6.80 -7.00 percent [+]
Spain 0.80 Feb/15 0.70 1.53 -1.60 percent [+]
Switzerland 0.60 Nov/14 0.70 1.90 -2.20 percent [+]
Turkey 0.70 Nov/14 0.50 6.69 -7.57 percent [+]
United Kingdom 0.60 Nov/14 0.60 5.00 -2.70 percent [+]
United States 2.20 Nov/14 5.00 16.90 -10.00 percent [+]