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

The Gross Domestic Product (GDP) in South Korea expanded 0.30 percent in the second quarter of 2015 over the previous quarter. 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
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Actual Previous Highest Lowest Dates Unit Frequency
0.30 0.80 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. Content for - South Korea GDP Growth Rate - was last refreshed on Saturday, September 5, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-06-04 12:00 AM Q1 0.8% 0.3% 0.8% 0.8%
2015-07-23 12:00 AM Q2 0.3% 0.8% 0.4% 0.3%
2015-09-03 12:00 AM Q2 0.3% 0.8% 0.3% 0.3%
2015-10-23 12:00 AM Q3 0.3% 0.96%
2015-12-03 11:00 PM Q3 0.3%


South Korea Economy Slows in Q2


South Korea GDP growth advanced 0.3 percent on quarter in the second quarter of 2015, down from a 0.8 percent expansion in the previous period and matching preliminary estimates. Higher government spending and exports were unable to offset a slowdown in investment and a contraction in private consumption.

On the expenditure side, private consumption shrank 0.2 percent, following a 0.6 percent expansion in the previous three month, mainly due to the impacts of Middle East Respiratory Syndrome outbreak. In contrast, government expenditure grew 0.8 percent, accelerating from a 0.2 percent expansion in the first quarter.

Gross fixed capital investment expanded by 0.8 percent, slowing from a 4.0 percent expansion in the March quarter. Facilities investment expanded 0.5 percent, accelerating from a 0.2 percent growth in the previous quarter. Construction investment grew by 1.6 percent, slowing from a 7.4 percent expansion in the three months to March. Intellectual property products declined by 0.7 percent, after registering a 2.3 percent increase in the preceding quarter. 

Exports grew by 0.3 percent, following a 0.1 percent rise in the first quarter. Imports rose by 0.9 percent, accelerating from a 0.6 percent increase in the previous period.

On the production side, the manufacturing sector grew by 1.2 percent, accelerating from 0.4 percent in the previous period. In contrast, the agriculture sector plunged by 12.2 percent, reversing from a 3.4 percent expansion in the first quarter. Other three sectors showed zero growth: electricitity, gas & water supply (from a 3.5 percent contraction in the March quarter), construction (from a 2.0 percent expansion) and the services sector (from a 0.9 percent expansion).

Year-on-year, the GDP advanced 2.2 percent in the second quarter of 2015, slowing from a 2.5 percent expansion in the first quarter. It is the weakest yearly growth since the third quarter of 2013.

Bank of Korea | Rida Husna | rida@tradingeconomics.com
9/3/2015 11:13:28 AM


Recent Releases

South Korea GDP Growth Slows in Q2
The South Korean economy advanced 0.3 percent on quarter in the three months to June down from a 0.8 percent expansion in the previous period, advance estimates from the central bank showed. Figures came below market expectations as the outbreak of Middle East Respiratory Syndrome lead to a contraction in private consumption.
Published on 2015-07-23

South Korea GDP Growth Matches Estimates in Q1
The South Korean economy advanced by 0.8 percent on quarter in the first quarter of 2015, accelerating from a 0.3 percent expansion in the previous period and matching preliminary estimates, as a rebound in investment and a slight increase in consumption offset a slowdown in exports.
Published on 2015-06-04

South Korea Economy Expands 0.8% QoQ in Q1
The South Korean economy advanced by 0.8 percent on quarter in the first three months of 2015, accelerating from a 0.3 percent expansion in the previous period, mainly due to a rebound in investment and a slight increase in consumption.
Published on 2015-04-23

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.
Published on 2015-03-25


South Korea GDP Last Previous Highest Lowest Unit
GDP 1410.38 1305.60 1410.38 2.36 USD Billion [+]
GDP Growth Rate 0.30 0.80 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.20 2.50 18.20 -7.30 percent [+]
GDP Constant Prices 363298.20 362171.20 363298.20 6626.29 KRW Billion [+]
Gross National Product 374495.40 360936.70 377063.60 7259.71 KRW Billion [+]
GDP per capita 24565.56 23875.18 24565.56 1106.76 USD [+]
Gross Fixed Capital Formation 106261.00 105401.40 106261.00 359.12 KRW Billion [+]
GDP per capita PPP 33629.35 32684.23 33629.35 12086.76 USD [+]
GDP From Agriculture 6772.70 7715.70 7715.70 1627.32 KRW Billion [+]
GDP From Construction 14121.50 14115.00 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 104787.70 103561.30 104787.70 297.74 KRW Billion [+]
GDP From Mining 589.30 558.10 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22294.10 22141.90 22294.10 1673.48 KRW Billion [+]
GDP From Services 194653.50 194623.80 194653.50 4114.29 [+]
GDP From Transport 12319.10 12498.50 12498.50 113.95 KRW Billion [+]
GDP From Utilities 6893.20 6893.80 7141.20 10.30 KRW Billion [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.20 Jun/15 0.90 4.40 -2.00 percent [+]
Brazil -1.90 Jun/15 -0.70 3.90 -3.90 percent [+]
Canada -0.10 Jun/15 -0.10 3.33 -1.80 percent [+]
China 1.70 Jun/15 1.40 2.50 1.40 percent [+]
Euro Area 0.30 Jun/15 0.40 1.30 -2.90 percent [+]
France 0.00 Jun/15 0.60 7.70 -5.00 percent [+]
Germany 0.40 Jun/15 0.30 2.00 -4.50 percent [+]
India 2.06 Mar/15 1.36 5.30 -1.70 percent [+]
Indonesia 3.78 Jun/15 -0.18 3.83 -3.57 percent [+]
Italy 0.30 Jun/15 0.40 6.00 -3.00 percent [+]
Japan -0.40 Jun/15 1.00 3.20 -4.00 percent [+]
Mexico 0.50 Jun/15 0.40 2.90 -6.60 percent [+]
Netherlands 0.10 Jun/15 0.60 2.00 -2.20 percent [+]
Russia -1.29 Mar/15 -0.55 4.10 -5.40 percent [+]
South Korea 0.30 Jun/15 0.80 6.80 -7.00 percent [+]
Spain 1.00 Jun/15 0.90 1.60 -1.60 percent [+]
Switzerland 0.20 Jun/15 -0.20 2.10 -1.90 percent [+]
Turkey 1.30 Mar/15 0.80 6.69 -7.57 percent [+]
United Kingdom 0.70 Jun/15 0.40 5.00 -2.70 percent [+]
United States 3.70 Jun/15 0.60 16.90 -10.00 percent [+]