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

The South Korean economy advanced 3 percent year-on-year in the fourth quarter of 2015 following a 2.7 percent growth in the previous period and matching market expectations, preliminary figures showed. It was the biggest expansion since the third quarter of 2014, as both private and government consumption grew at a faster pace. For the whole of 2015, South Korea's GDP rose 2.6 percent compared to a gain of 3.3 percent in 2014. GDP Annual Growth Rate in South Korea averaged 6.97 percent from 1971 until 2015, 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
3.00 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. South Korea GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on February of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-10-23 12:00 AM Q3 2.6% 2.2% 2.5% 2.4%
2015-12-02 11:00 PM Q3 2.7% 2.2% 2.6% 2.6%
2016-01-25 11:00 PM Q4 3% 2.7% 3% 2.9%
2016-03-24 11:00 PM Q4 2.7% 3%
2016-04-25 11:00 PM Q1 2.8%
2016-06-03 11:00 PM Q1

South Korean GDP Grows 3% in Q4, 2.6% in 2015


The South Korean economy advanced 3 percent year-on-year in the fourth quarter of 2015 following a 2.7 percent growth in the previous period and matching market expectations, preliminary figures showed. It was the biggest expansion since the third quarter of 2014, as both private and government consumption grew at a faster pace. For the whole of 2015, South Korea's GDP rose 2.6 percent compared to a gain of 3.3 percent in 2014.

On the expenditure side, private consumption expanded by 3.2 percent (+2.1 percent in Q3) and government spending grew by 3.9 percent (+3 percent in Q3). Construction investment advanced 7.3 percent (+5.7 percent in Q3), facilities investment grew by 3.5 percent (+6.6 percent in Q3) and intellectual property products investment expanded by 1.9 percent (+1.2 percent in Q3). Meanwhile, exports of goods and services were up by 1.9 percent (+0.3 percent in Q3) while imports rose at a faster 5.5 percent (+3.2 percent in Q3).

On the production side, manufacturing grew by 2.3 percent (+1.7 percent in Q3) and electricity, gas and water supply rose by 5.8 percent (+9.5 percent in Q3). Construction expanded by 7.1 percent (+4.6 percent in Q3) and services grew by 2.7 percent (+2.6 percent in Q3). In contrast, agriculure shrank by 4.5 percent (-0.7 percent in Q3), the third consecutive quarter of contraction.

Quarter-on-quarter, GDP advanced 0.6 percent following a 1.3 percent expansion in the previous period.

For the whole of 2015, South Korea's GDP rose 2.6 percent compared to a gain of 3.3 percent in 2014, as intellectual property products investment and exports eased while private consumption and construction investment advanced at a faster pace. On the production side, manufacturing output and services sector slowed while the growth in construction accelerated.

Bank of Korea l Joana Ferreira | joana.ferreira@tradingeconomics.com
1/26/2016 12:01:25 AM

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 1.30 6.80 -7.00 percent [+]
GDP Annual Growth Rate 3.00 2.70 18.20 -7.30 percent [+]
GDP 1410.38 1305.60 1410.38 2.36 USD Billion [+]
GDP Constant Prices 370130.50 367746.20 370130.50 6626.29 KRW Billion [+]
Gross National Product 380795.60 374495.40 380795.60 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 106408.10 109371.20 109371.20 359.12 KRW Billion [+]
GDP per capita 24565.56 23875.18 24565.56 1106.76 USD [+]
GDP per capita PPP 33629.35 32684.23 33629.35 12086.76 USD [+]
GDP From Agriculture 7108.20 7214.40 7715.70 1627.32 KRW Billion [+]
GDP From Construction 14849.60 14866.00 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 105539.90 104846.00 105539.90 297.74 KRW Billion [+]
GDP From Mining 568.30 613.50 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22550.30 22440.60 22550.30 1673.48 KRW Billion [+]
GDP From Services 198220.70 196575.60 198220.70 4114.29 [+]
GDP From Transport 12702.60 12609.90 12702.60 113.95 KRW Billion [+]
GDP From Utilities 7536.70 7436.50 7536.70 10.30 KRW Billion [+]




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