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

The Gross Domestic Product (GDP) in South Korea expanded 0.90 percent in the third quarter of 2014 over the previous quarter. GDP Growth Rate in South Korea averaged 1.70 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.

   
 
 

South Korea GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.90 0.50 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 Saturday, November 1, 2014.


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.

On the expenditure side, private consumption expanded by 1.1 percent as expenditures on both semi-durable goods and services increased. Construction investment grew by 2.9 percent, with increases in both building construction and civil engineering. Facilities investment fell by 0.8 percent, due to a decrease in transport equipment investment. Intellectual property products investment expanded by 0.6 percent, centering around software investment.

Exports contracted by 2.6 percent, with decreases in exports of LCDs and chemical products. Imports also decreased by 0.7 percent, owing to declines in imports of machinery, natural gas and transport services.

On the production side, manufacturing shrank by 0.9 percent, mainly due to a decrease in electrical & electronic devices such as LCDs and smartphones. Electricity, gas & water supply rose by 4.7 percent, as the proportion of electricity generated by nuclear power with its low unit-generation costs increased. Construction grew by 1.8 percent, led by its expansion of civil engineering. Services expanded by 1.4 percent, as wholesale & retail trade, restaurants & hotels, transportation & storage, finance & insurance, and health & social work all increased.

Year-on-year, the economy expanded 3.2 percent in the third quarter of 2014.

Bank of Korea l Joana Taborda | joana.taborda@tradingeconomics.com
10/24/2014 12:13:27 AM


Recent Releases

South Korean Economy Advances Less than Expected
The South Korean GDP expanded a seasonally adjusted 0.5 percent in the second quarter of 2014 compared with the previous period. Final estimates came below the advance 0.6 percent expansion, as investment and exports grew less than anticipated. Published on 2014-09-04

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. Published on 2014-07-24


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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 0.5% 0.9% 0.6% 0.6%
2014-10-24 12:00 AM South Korea
GDP Growth Rate QoQ - Adv
Q3 2014 0.9% 0.5% 0.8% 0.5%
2014-12-03 11:00 PM South Korea
GDP Growth Rate QoQ Final
Q3 2014 0.5% 0.9% 0.9%


South Korea GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.90 0.50 6.80 -7.00 Percent [+]
GDP Annual Growth Rate 3.20 3.50 18.20 -7.30 Percent [+]
GDP Constant Prices 358603.40 355541.80 358603.40 14934.60 KRW Billion [+]
Gross National Product 354573.30 336918.40 365088.20 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 105966.40 104552.10 105966.40 2402.10 KRW Billion [+]
GDP per capita PPP 32708.11 31901.07 32708.11 12086.76 USD [+]