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

The South Korean economy advanced 0.6 percent on quarter in the the three months to December of 2015, easing from a 1.3 percent expansion in the previous period while staying slightly below market expectations, first estimates showed. Household consumption and government expenditure were the main drivers of growth while construction investment contracted sharply. GDP Growth Rate in South Korea averaged 1.68 percent from 1970 until 2015, 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
Please Paste this Code in your Website

Actual Previous Highest Lowest Dates Unit Frequency
0.60 1.30 6.80 -7.00 1970 - 2015 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 February of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-10-23 12:00 AM Q3 1.2% 0.3% 1.0% 0.6%
2015-12-02 11:00 PM Q3 1.3% 0.3% 1.2% 1.2%
2016-01-25 11:00 PM Q4 0.6% 1.3% 0.7% 0.6%
2016-03-24 11:00 PM Q4 1.3% 0.6%
2016-04-25 11:00 PM Q1 0.7%
2016-06-03 11:00 PM Q1

South Korean Economy Expands 0.6% in Q4


The South Korean economy advanced 0.6 percent on quarter in the the three months to December of 2015, easing from a 1.3 percent expansion in the previous period while staying slightly below market expectations, first estimates showed. Household consumption and government expenditure were the main drivers of growth while construction investment contracted sharply.

On the expenditure side, private consumption expanded by 1.5 percent (+1.3 percent in Q3) as expenditures on both durable goods and services increased; and government spending grew by 1.2 percent (+1.7 percent in Q3). Construction investment fell by 6.1 percent (+5 percent in Q3), with a decrease in civil engineering. Facilities investment grew by 0.9 percent (+1.8 percent in Q3), led by the growth of investment in transport equipment, offsetting a decline of investment in machinery. Intellectual property products investment expanded by 0.3 percent (+0.1 percent in Q3), centering around R&D investment by government. Exports were up by 2.1 percent (-0.6 percent in Q3), led by those of goods such as chemical products and automobiles while imports rose at a faster 2.8 percent (+1.1 percent in Q3), as imports of petroleum and chemical products, and transport equipment increased.

On the production side, manufacturing grew by 0.6 percent (+0.1 percent in Q3), mainly due to an expansion in petroleum and chemical products, and semiconductors. Electricity, gas and water supply rose by 1 percent (+8.3 percent in Q3), mainly due to growth in the electricity supply, as the proportion of electricity generated by nuclear power with its high generating efficiency increased. Construction contracted by 0.4 percent (+5.6 percent in Q3), centering around civil engineering. Services expanded by 0.8 percent (+1 percent in Q3), as gains were seen in wholesale and retail trade, restaurants and hotels, transportation and storage, and health and social work. Agriculure shrank by 1.4 percent (+6.5 percent in Q3).

Year-on-year, GDP advanced 3 percent following a 2.7 percent expansion in the previous period and hitting its fastest pace since the third quarter of 2014.

For the whole of 2015, South Korea's GDP rose 2.6 percent compared to a gain of 3.3 percent in 2014.

Bank of Korea l Joana Ferreira | joana.ferreira@tradingeconomics.com
1/25/2016 11:37:25 PM

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 1.30 6.80 -7.00 percent [+]
GDP Annual Growth Rate 3.00 2.70 18.20 -7.30 percent [+]
GDP 1410.38 1305.60 1410.38 2.36 USD Billion [+]
GDP Constant Prices 370130.50 367746.20 370130.50 6626.29 KRW Billion [+]
Gross National Product 380795.60 374495.40 380795.60 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 106408.10 109371.20 109371.20 359.12 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 7108.20 7214.40 7715.70 1627.32 KRW Billion [+]
GDP From Construction 14849.60 14866.00 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 105539.90 104846.00 105539.90 297.74 KRW Billion [+]
GDP From Mining 568.30 613.50 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22550.30 22440.60 22550.30 1673.48 KRW Billion [+]
GDP From Services 198220.70 196575.60 198220.70 4114.29 [+]
GDP From Transport 12702.60 12609.90 12702.60 113.95 KRW Billion [+]
GDP From Utilities 7536.70 7436.50 7536.70 10.30 KRW Billion [+]




Last
Nigeria 9.19 Sep/15
Mongolia 7.40 Mar/14
Vietnam 7.01 Dec/15
Venezuela 6.80 Dec/13
Bangladesh 6.12 Dec/14
Namibia 6.00 Jun/15
Singapore 5.70 Dec/15
Senegal 5.20 Sep/15
Rwanda 5.10 Sep/15
Sri Lanka 4.82 Sep/15
Angola 4.70 Dec/14
United Arab Emirates 4.60 Dec/14
Cape Verde 4.50 Dec/14
Egypt 4.50 Jun/15
Morocco 4.50 Sep/15
Pakistan 4.14 Dec/14
Algeria 4.00 Dec/14
Macedonia 3.90 Mar/14
Saudi Arabia 3.60 Sep/15
Qatar 2.80 Sep/15
Cameroon 2.00 Jun/15
Philippines 2.00 Dec/15
India 1.90 Sep/15
Mozambique 1.80 Sep/15
Norway 1.80 Sep/15
Paraguay 1.70 Sep/15
China 1.60 Dec/15
Tanzania 1.50 Sep/10
Trinidad And Tobago 1.50 Sep/15
Ireland 1.40 Sep/15
Kenya 1.40 Sep/15
Romania 1.40 Sep/15
Croatia 1.30 Sep/15
Turkey 1.30 Sep/15
Kazakhstan 1.26 Dec/13
Colombia 1.20 Sep/15
Estonia 1.20 Dec/15
Malta 1.12 Sep/15
Mauritius 1.10 Sep/15
Costa Rica 1.04 Sep/15
Uruguay 1.03 Sep/15
Thailand 1.00 Sep/15
Albania 0.94 Sep/15
Australia 0.90 Sep/15
Ghana 0.90 Jun/15
Hong Kong 0.90 Sep/15
Luxembourg 0.90 Sep/15
New Zealand 0.90 Sep/15
Poland 0.90 Sep/15
Slovakia 0.90 Sep/15
Spain 0.80 Dec/15
Sweden 0.80 Sep/15
Bulgaria 0.70 Sep/15
Czech Republic 0.70 Sep/15
Iceland 0.70 Sep/15
Malaysia 0.70 Sep/15
South Africa 0.70 Sep/15
United States 0.70 Dec/15
Canada 0.60 Sep/15
Hungary 0.60 Sep/15
Mexico 0.60 Dec/15
South Korea 0.60 Dec/15
Israel 0.51 Sep/15
Argentina 0.50 Jun/15
Lithuania 0.50 Dec/15
Peru 0.50 Sep/15
Ukraine 0.50 Sep/15
United Kingdom 0.50 Dec/15
Chile 0.40 Sep/15
Cyprus 0.40 Sep/15
European Union 0.40 Sep/15
Slovenia 0.40 Sep/15
Austria 0.30 Dec/15
Bahrain 0.30 Sep/15
Belgium 0.30 Dec/15
Euro Area 0.30 Sep/15
Germany 0.30 Sep/15
Japan 0.30 Sep/15
Netherlands 0.30 Dec/15
Uganda 0.28 Sep/15
Dominican Republic 0.20 Sep/15
France 0.20 Dec/15
Italy 0.20 Sep/15
Bosnia and Herzegovina 0.10 Sep/15
El Salvador 0.10 Sep/15
Tunisia 0.10 Sep/15
Portugal 0.00 Sep/15
Switzerland 0.00 Sep/15
Latvia -0.01 Dec/15
Ecuador -0.30 Jun/15
Taiwan -0.30 Sep/15
Denmark -0.40 Sep/15
Serbia -0.40 Sep/15
Finland -0.50 Sep/15
Russia -0.57 Sep/15
Greece -0.90 Sep/15
Jamaica -1.20 Sep/15
Belize -1.40 Sep/15
Brazil -1.70 Sep/15
Indonesia -1.83 Dec/15
Moldova -2.50 Sep/15
Botswana -3.70 Sep/15
Bolivia -9.72 Jun/15