South Korea GDP Annual Growth Rate  1971-2016 | Data | Chart | Calendar

The South Korean economy advanced 3.2 percent year-on-year in the three months to June of 2016, higher than a 2.8 percent expansion in the first three months of the year. Figures beat market expectations of a 2.9 percent growth, reaching the highest in six quarters, preliminary figures showed. GDP Annual Growth Rate in South Korea averaged 6.91 percent from 1971 until 2016, 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.

South Korea GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
3.20 2.80 18.20 -7.30 1971 - 2016 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. South Korea GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-04-25 11:00 PM Q1 2.7% 3.1% 2.7% 2.6%
2016-06-01 11:00 PM Q1 2.8% 3.1% 2.7% 2.7%
2016-07-25 11:00 PM Q2 3.2% 2.8% 2.9% 2.9%
2016-09-04 11:00 PM Q2 2.8% 3.2% 3.2%
2016-10-24 11:00 PM Q3 2.6%
2016-12-02 11:00 PM Q3

South Korea Annual GDP Growth Beats Expectations in Q2


The South Korean economy expanded 3.2 percent year-on-year in the three months to June of 2016, higher than a 2.8 percent expansion in the first three months of the year. Figures beat market expectations of a 2.9 percent growth, reaching the highest in six quarters, preliminary figures showed.

Private spending (up 3.2 percent from 2.2 percent in Q1), and gross fixed capital formation (5.1 percent from 3 percent in Q1) rose at a faster pace while public expenditure increased less (3.7 percent from 4.5 percent in Q1).

Exports went up 1.7 percent (0.7 percent in Q1) and imports grew 3.1 percent (1.9 percent in Q1).
 
On a seasonally adjusted basis, the GDP advanced 0.7 percent on quarter, accelerating slightly from a 0.5 percent growth in the previous period and in line with market expectations.

The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
7/26/2016 1:02:19 AM

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.70 0.50 6.80 -7.00 percent [+]
GDP Annual Growth Rate 3.20 2.80 18.20 -7.30 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 375040.10 372372.20 375040.10 6626.29 KRW Billion [+]
Gross National Product 376381.30 397275.40 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 112154.60 109357.00 112154.60 359.12 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 7039.50 7458.40 7766.10 1627.32 KRW Billion [+]
GDP From Construction 15811.30 15485.80 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 106379.60 104930.50 106379.60 297.74 KRW Billion [+]
GDP From Mining 596.50 599.20 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22873.60 22650.80 22873.60 1673.48 KRW Billion [+]
GDP From Services 200488.60 199494.50 200488.60 4114.29 [+]
GDP From Transport 12623.50 12749.00 12749.00 113.95 KRW Billion [+]
GDP From Utilities 7398.40 7452.30 7509.30 10.30 KRW Billion [+]




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