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

The South Korean economy advanced 3.3 percent year-on-year in the three months to June of 2016, better than a 2.8 percent expansion in the previous period and preliminary estimates of a 3.2 percent increase. It is the highest growth rate since third quarter of 2014, as manufacturing, construction and services expanded at a faster pace, final 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
3.30 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 October of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
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%
2016-09-01 11:00 PM Q2 3.3% 2.8% 3.2% 3.2%
2016-10-24 11:00 PM Q3 3.3% 2.8%
2016-12-02 11:00 PM Q3 3.3%

South Korea Annual GDP Growth at Nearly 2-Year High


The South Korean economy advanced 3.3 percent year-on-year in the three months to June of 2016, better than a 2.8 percent expansion in the previous period and preliminary estimates of a 3.2 percent increase. It is the highest growth rate since third quarter of 2014, as manufacturing, construction and services expanded at a faster pace, final figures showed.

The manufacturing sector expanded 2.2 percent, higher than 1.9 percent in the previous quarter and centered around production of petroleum and chemical products. Construction increased by 12.4 percent (11.1 percent in the prior quarter) mainly due to residential building construction and services went up 3 percent, the highest gain in five quarters. The agricultural sector rose 1.5 percent, the first increase since the the three months to March of 2015 and utilities output growth slowed to 4.7 percent from 5.2 percent in the previous period.
 
On a quarterly basis, the South Korean economy advanced 0.8 percent, higher than a 0.5 increase in the previous period and better than a 0.7 percent growth in the preliminary estimate.

The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
9/2/2016 12:40:49 AM

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.80 0.50 6.80 -7.00 percent [+]
GDP Annual Growth Rate 3.30 2.80 18.20 -7.30 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 375333.60 372372.20 375333.60 6626.29 KRW Billion [+]
Gross National Product 390475.10 376381.30 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 112340.80 109356.80 112340.80 359.12 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 7005.10 7500.30 7766.10 1627.32 KRW Billion [+]
GDP From Construction 15889.50 15728.20 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 106261.80 104987.00 106261.80 297.74 KRW Billion [+]
GDP From Mining 589.60 589.90 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22893.00 22663.50 22893.00 1673.48 KRW Billion [+]
GDP From Services 200819.90 199567.70 200819.90 4114.29 [+]
GDP From Transport 12646.70 12720.90 12720.90 113.95 KRW Billion [+]
GDP From Utilities 7400.80 7375.50 7509.30 10.30 KRW Billion [+]




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