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

The Gross Domestic Product (GDP) in South Korea was revised down to 0.6 percent, from 0.7 percent previously reported. GDP Growth Rate in South Korea averaged 1.66 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.

South Korea GDP Growth Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-01 11:00 PM Q2 0.8% 0.5% 0.7% 0.7%
2016-10-24 11:00 PM Q3 0.7% 0.8% 0.6% 0.5%
2016-12-01 11:00 PM Q3 0.6% 0.8% 0.7% 0.7%
2017-01-25 11:00 PM Q4 0.78%
2017-03-24 11:00 PM Q4 0.78%
2017-04-25 11:00 PM Q1 0.83%




South Korea Q3 GDP Growth Slows to 0.7% QoQ


The South Korean economy expanded a seasonally adjusted 0.7 percent on quarter in the three months to September 2016, easing slightly from a 0.8 percent growth in the previous period, but beating market expectations of 0.6 percent expansion. Private spending and investment rose at a slower pace, while government spending advanced further, preliminary figures showed.

On the expenditure side, private consumption expanded by 0.5 percent (+1 percent in Q2) as expenditures on both non-durable goods and services increased. Government consumption grew by 1.4 percent (+0.1 percent in Q2), with an increase in health insurance benefits. Fixed investment expanded by 2.1 percent (from +2.7 percent in Q2): Construction investment was up by 3.9 percent (+3.1 percent in Q2), with investment in both residential and non-residential building construction increased; while facilities investment contracted by 0.1 percent (+2.8 percent in Q2), mainly due to a decline of investment in transport equipment. Exports expanded by 0.8 percent (+1.1 percent in Q2), with increases in exports of semiconductors and chemical products. Imports also rose by 2.4 percent (+2.1 percent in Q2), owing to expansions in imports of machinery and equipment and overseas consumption by residents.

On the production side, manufacturing decreased by 1 percent (+1.2 percent in Q2), mainly with respect to the production of transport equipment and electronic and electrical equipment in a wake of Samsung’s Galaxy Note 7 recalls and a strike at Hyundai plants.  Electricity, gas and water supply rose by 6.9 percent (+0.3 percent in Q2), as the volume of electric power sold increased due to a heat wave. Construction grew by 4.4 percent (+1 percent in Q2), led by an expansion of building construction. Services expanded by 1 percent (+0.6 percent in Q2), as health and social work, and real estate and leasing increased.

Compared with the same period of 2015, the economy expanded by 2.7 percent, slowing from a 3.3 percent growth in the previous period but better than market expectations of a 2.6 percent expansion.

The Bank of Korea | Joana Ferreira | joana.ferreira@tradingeconomics.com
10/25/2016 12:15:00 PM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 0.80 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.60 3.30 18.20 -7.30 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 377952.40 375333.60 377952.40 6626.29 KRW Billion [+]
Gross National Product 390475.10 376381.30 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 114705.70 112340.80 114705.70 359.12 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 6940.30 7005.10 7766.10 1627.32 KRW Billion [+]
GDP From Construction 16588.10 15889.50 16588.10 279.27 KRW Billion [+]
GDP From Manufacturing 105156.60 106261.80 106261.80 297.74 KRW Billion [+]
GDP From Mining 624.30 589.60 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22981.70 22893.00 22981.70 1673.48 KRW Billion [+]
GDP From Services 202862.20 200819.90 202862.20 4114.29 [+]
GDP From Transport 12855.70 12646.70 12855.70 113.95 KRW Billion [+]
GDP From Utilities 7913.10 7400.80 7913.10 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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
0.60 0.80 6.80 -7.00 1970 - 2016 percent Quarterly



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