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

The Gross Domestic Product (GDP) in South Korea expanded 2.60 percent in the third quarter of 2016 over the same quarter of the previous year, lower than 2.7 percent growth reported earlier. GDP Annual Growth Rate in South Korea averaged 6.89 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.

South Korea GDP Annual Growth Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-01 11:00 PM Q2 3.3% 2.8% 3.2% 3.2%
2016-10-24 11:00 PM Q3 2.7% 3.3% 2.6% 2.8%
2016-12-01 11:00 PM Q3 2.6% 3.3% 2.7% 2.8%
2017-01-25 11:00 PM Q4 2.52%
2017-03-24 11:00 PM Q4 2.52%
2017-04-25 11:00 PM Q1 2.53%




South Korea Economy Grows 2.7% YoY in Q3


South Korea's economy expanded 2.7 percent year-on-year in the third quarter of 2016, lower than a 3.3 percent expansion in the previous period, but above market expectations consensus of 2.6 percent. Private consumption slowed, while investment and government spending expanded at a faster pace, preliminary figures showed.

On the expenditure side, private consumption expanded by 2.6 percent (+3.3 percent in Q2) and government consumption grew by 4 percent (+3.6 percent in Q2). Fixed investment expanded by 5.4 percent (from +5.3 percent in Q2): Construction investment was up by 11.9 percent (+10.8 percent in Q2); while facilities investment contracted by 4.5 percent (+2.7 percent in Q2). Exports expanded by 2.9 percent (+1.9 percent in Q2) and imports also rose by 4.6 percent (+3.3 percent in Q2).

On the production side, manufacturing increased by 0.7 percent (+2.2 percent in Q2). Electricity, gas and water supply rose by 6.3 percent (+4.7 percent in Q2). Construction grew by 11.3 percent (+12.4 percent in Q2). Services expanded by 2.8 percent (+3 percent in Q2). By contrast, agriculture, forestry and fishing shrank 3.9 percent (+1.5 percent in Q2).

Compared with the previous quarter, the economy expanded by 0.7 percent, easing slightly from a 0.8 percent growth in the previous period but better than market expectations of a 0.6 percent expansion.

The Bank of Korea | Joana Ferreira | joana.ferreira@tradingeconomics.com
10/24/2016 11:27:00 PM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 0.80 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.60 3.30 18.20 -7.30 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 377952.40 375333.60 377952.40 6626.29 KRW Billion [+]
Gross National Product 390475.10 376381.30 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 114705.70 112340.80 114705.70 359.12 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 6940.30 7005.10 7766.10 1627.32 KRW Billion [+]
GDP From Construction 16588.10 15889.50 16588.10 279.27 KRW Billion [+]
GDP From Manufacturing 105156.60 106261.80 106261.80 297.74 KRW Billion [+]
GDP From Mining 624.30 589.60 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22981.70 22893.00 22981.70 1673.48 KRW Billion [+]
GDP From Services 202862.20 200819.90 202862.20 4114.29 [+]
GDP From Transport 12855.70 12646.70 12855.70 113.95 KRW Billion [+]
GDP From Utilities 7913.10 7400.80 7913.10 10.30 KRW Billion [+]



South Korea GDP Annual Growth Rate Notes

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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
2.60 3.30 18.20 -7.30 1971 - 2016 percent Quarterly



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