South Korea GDP Annual Growth Rate 1971-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in South Korea expanded 2.40 percent in the first quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in South Korea averaged 7.05 percent from 1971 until 2014, reaching an all time high of 18.20 percent in the third quarter of 1973 and a record low of -7.30 percent in the second quarter of 1998. GDP Annual Growth Rate in South Korea is reported by the The Bank of Korea.

     Forecast  
South Korea GDP Annual Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
2.40 2.70 18.20 -7.30 1971 - 2015 percent Quarterly
South Korea’s economy became one of the most diversified and technologically advanced in the world in the last 50 years. Like in most developed countries, services account for the highest percentage of GDP (around 57 percent of GDP). Within services the most important ones are public administration (around 5.8 percent of GDP); education (5.3 percent of GDP); information and communication (5 percent of GDP); and business activities (4.6 percent of GDP). A strong manufacturing industry which has turned South Korea into a major exporter accounts for 32 percent of GDP. This page provides - South Korea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - South Korea GDP Annual Growth Rate - was last refreshed on Monday, May 4, 2015.


South Korea GDP Growth at Nearly 2-Year Low


The South Korean economy advanced by 2.4 percent year-on-year in the first quarter of 2015, according to preliminary estimates. It is the lowest growth rate since the third quarter of 2013, as an increase in investment and consumption was not enough to offset a negative contribution from net exports.

Gross fixed capital formation grew by 2.5 percent in the three months to March, following a 0.7 percent expansion in the December quarter. Construction investment rose by 0.7 percent, rebounding from a 1.5 percent contraction in the preceding period. Facilities investment advanced by 5.7 percent, following a 4.2 percent expansion in Q4 and intellectual property products grew by 2.0 percent, following a 1.1 percent expansion in the previous quarter.
 
Final consumption expanded by 1.9 percent year-on-year, after registering a 1.8 percent growth in the December quarter. Private consumption rose by 1.5 percent (from 1.4 percent growth in the previous quarter). Meanwhile, government consumption grew by 3.1 percent, the same pace as in the fourth quarter of 2014.
 
Exports were flat, following a 1.4 percent rise in Q4. Meanwhile, imports rose by 1.8 percent, markedly increasing  from 0.1 percent growth in the December quarter.
 
For 2015 the Bank of Korea trimmed its growth forecast to 3.1 percent . In 2014, the economy expanded by 3.3 percent, following a revised 2.9 percent growth in 2013.
 
On a quarter-on-quarter basis, the economy grew by 0.8 percent, accelerating from a 0.3 percent expansion in the previous quarter.

Bank of Korea l Rida Husna l rida@tradingeconomics.com
4/23/2015 12:25:30 PM


Recent Releases

South Korea Economy Confirmed at 2.7% YoY in Q4
South Korean GDP advanced 2.7 percent year-on-year in the last quarter of 2014, down from a 3.2 percent expansion in the previous period and matching preliminary estimates. It is the weakest performance since the third quarter of 2013, due to a slowdown in investment and exports. Published on 2015-03-25

South Korea GDP Growth at Nearly 1-1/2-Year Low
The South Korean economy advanced 2.7 percent year-on-year in the last quarter of 2014, according to preliminary estimates. It is the lowest growth rate since the third quarter of 2013, due to a slowdown in exports and investment. Published on 2015-01-22


Calendar GMT Event Actual Previous Consensus Forecast (i)
2015-01-22 11:00 PM
GDP Growth Rate YoY Adv  Q4
2.7% 3.2% 2.8% 3.28%
2015-03-24 11:00 PM
GDP Growth Rate YoY Final  Q4
2.7% 3.2% 2.7% 2.7%
2015-04-23 12:00 AM
GDP Growth Rate YoY Adv  Q1
2.4% 2.7% 2.4% 2.74%
2015-06-04 12:00 AM
GDP Growth Rate YoY Final  Q1
2.7% 2.4% 2.4%
2015-07-23 12:00 AM
GDP Growth Rate YoY Adv  Q2
2.92%
2015-09-03 12:00 AM
GDP Growth Rate YoY Final  Q2


South Korea GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.80 0.30 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.40 2.70 18.20 -7.30 percent [+]
GDP Constant Prices 361971.00 359207.70 361971.00 14934.60 KRW Billion [+]
Gross National Product 377063.60 355780.70 377063.60 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 105466.30 101313.20 105875.40 2402.10 KRW Billion [+]
GDP per capita PPP 32708.11 31901.07 32708.11 12086.76 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 2.50 Nov/14 2.70 9.00 -3.40 percent [+]
Brazil -0.20 Nov/14 -0.60 10.10 -3.15 percent [+]
Canada 2.63 Nov/14 2.75 8.80 -3.70 percent [+]
China 7.00 Feb/15 7.30 14.20 3.80 percent [+]
Euro Area 0.90 Nov/14 0.80 5.00 -5.50 percent [+]
France 0.24 Nov/14 0.41 12.50 -3.92 percent [+]
Germany 1.60 Nov/14 1.20 5.20 -6.80 percent [+]
India 7.50 Nov/14 8.20 11.40 -5.20 percent [+]
Indonesia 5.01 Nov/14 4.92 7.16 1.56 percent [+]
Italy -0.50 Nov/14 -0.50 10.30 -6.90 percent [+]
Japan -0.80 Nov/14 -1.40 9.40 -9.40 percent [+]
Mexico 2.60 Nov/14 2.20 8.50 -8.10 percent [+]
Netherlands 1.40 Nov/14 1.00 5.80 -4.40 percent [+]
Russia 0.40 Nov/14 0.90 12.10 -11.20 percent [+]
South Korea 2.40 Feb/15 2.70 18.20 -7.30 percent [+]
Spain 2.60 Feb/15 2.00 5.80 -4.40 percent [+]
Switzerland 1.90 Nov/14 1.90 7.30 -3.70 percent [+]
Turkey 2.60 Nov/14 1.90 12.60 -14.70 percent [+]
United Kingdom 2.40 Feb/15 3.00 9.80 -5.80 percent [+]
United States 3.00 Feb/15 2.40 13.40 -4.10 percent [+]