South Korea GDP Growth Rate 1970-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in South Korea expanded 0.60 percent in the second quarter of 2014 over the previous quarter. GDP Growth Rate in South Korea averaged 1.71 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.

   
 
 
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South Korea GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.60 0.90 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 Wednesday, August 27, 2014.


South Korea GDP Growth Slows in Q2


The South Korean economy advanced a seasonally adjusted 0.6 percent on quarter in the three months to June, slowing from a 0.9 percent expansion in the previous two quarters. Advance estimates showed private consumption contracted for the first time in five quarters.

On the expenditure side, private consumption contracted by 0.3 percent as expenditures on both goods and services decreased.

Construction investment grew by 0.6 percent, centering around building construction. Facilities investment expanded by 1.3 percent, with increases in both transport equipment and machinery investment. Intellectual property products investment fell by 4.2 percent, due to a decline in foreign payments related to patents.

Exports grew by 1.9 percent, with increases in those of LCD and chemical products. Imports also rose, by 0.8 percent, owing to expansions in imports of vehicles and in overseas consumption by residents.

Year-on-year, the GDP advanced 3.6 percent in the second quarter of 2014, down from a 3.9 percent expansion in the first three months of 2014.

The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
7/24/2014 12:13:48 AM


Recent Releases

South Korea GDP Growth Unrevised in Q1
South Korean GDP expanded a seasonally adjusted 0.9 percent on quarter in the first three months of 2014, the same rate recorded in the previous period and unchanged from the advance estimate. Published on 2014-06-05

South Korea GDP Growth Beats Expectations in Q1
South Korean GDP expanded a seasonally adjusted 0.9 percent on quarter in the first three months of 2014, the same rate recorded in the previous quarter and above market expectations. Published on 2014-04-24


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-03-25 11:00 PM South Korea
GDP Growth Rate QoQ - Final
Q4 2013 0.9% 1.1% 0.9% 0.9%
2014-04-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q1 2014 0.9% 0.9% 0.8% 0.8%
2014-06-05 12:00 AM South Korea
GDP Growth Rate QoQ - Final
Q1 2014 0.9% 0.9% 0.9% 0.9%
2014-07-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q2 2014 0.6% 0.9% 0.7% 0.8%
2014-09-04 12:00 AM South Korea
GDP Growth Rate QoQ Final
Q2 2014 0.9% 0.6% 0.6%


GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.60 0.90 6.80 -7.00 Percent [+]
GDP Annual Growth Rate 3.60 3.90 18.20 -7.30 Percent [+]
GDP Constant Prices 355927.60 353810.90 355927.60 14934.60 KRW Billion [+]
Gross National Product 336918.40 365088.20 365088.20 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 104562.00 104779.50 104779.50 2402.10 KRW Billion [+]
GDP per capita PPP 27990.83 27554.12 27990.83 5543.57 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 1.10 Mar/14 0.80 4.50 -2.00 Percent [+]
Brazil 0.20 Mar/14 0.40 4.50 -4.20 Percent [+]
Canada 0.30 Mar/14 0.70 3.33 -1.80 Percent [+]
China 2.00 Jun/14 1.50 2.50 1.40 Percent [+]
Euro Area 0.00 Jun/14 0.20 1.30 -2.80 Percent [+]
France 0.00 Jun/14 0.00 1.60 -1.70 Percent [+]
Germany -0.20 Jun/14 0.70 2.10 -3.70 Percent [+]
India 2.10 Mar/14 1.10 5.80 -1.90 Percent [+]
Indonesia 2.47 Jun/14 0.97 3.82 -3.57 Percent [+]
Italy -0.20 Jun/14 -0.10 6.00 -3.50 Percent [+]
Japan -1.70 Jun/14 1.60 3.20 -4.00 Percent [+]
Mexico 1.00 Jun/14 0.44 2.90 -6.60 Percent [+]
Netherlands 0.50 Jun/14 -0.40 2.00 -2.20 Percent [+]
Russia -0.30 Mar/14 0.30 4.10 -5.40 Percent [+]
South Korea 0.60 Jun/14 0.90 6.80 -7.00 Percent [+]
Spain 0.60 Jun/14 0.40 1.53 -1.60 Percent [+]
Switzerland 0.50 Mar/14 0.20 1.90 -2.20 Percent [+]
Turkey 1.70 Mar/14 0.90 6.69 -7.57 Percent [+]
United Kingdom 0.80 Jun/14 0.80 5.30 -2.50 Percent [+]
United States 4.00 Jun/14 -2.10 16.90 -10.00 Percent [+]





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