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

The South Korean GDP expanded 2.7 percent year-on-year in the first quarter of 2016, slowing from a 3.1 percent growth reported in the previous three months, preliminary estimates showed. It is the weakest expansion since the third quarter of 2015 as private consumption and exports slowed while facilities investment declined. GDP Annual Growth Rate in South Korea averaged 6.93 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
2.70 3.10 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 May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-01-25 11:00 PM Q4 3% 2.7% 3% 2.9%
2016-03-24 11:00 PM Q4 3.1% 2.8% 3% 3%
2016-04-25 11:00 PM Q1 2.7% 3.1% 2.7% 2.6%
2016-06-01 11:00 PM Q1 3.1% 2.7%
2016-07-25 11:00 PM Q2 2.4%
2016-09-04 11:00 PM Q2

South Korean GDP Growth Weakest Since Q3 2015


The South Korean GDP expanded 2.7 percent year-on-year in the first quarter of 2016, slowing from a 3.1 percent growth reported in the previous three months, preliminary estimates showed. It is the weakest expansion since the third quarter of 2015 as private consumption and exports slowed while facilities investment declined.

In the March quarter, final consumption expenditure grew by 2.6 percent year-on-year after registering a 3.4 percent expansion in the December quarter 2015. Private consumption rose 2.1 percent, slowing from a 3.3 percent increase in the preceding quarter. Public spending advanced 4.5 percent, up from 3.9 percent in the previous three months. Gross fixed capital formation expanded 3.1 percent, slowing from a 5.4 percent rise in the fourth quarter last year. While construction investment rose 8.7 percent ( higher from a 7.5 percent growth in the December quarter), facilities investmemt declined by 3.0 percent (from a 3.9 percent growth in the three months to December). Intellectual property products grew by 0.7 percent, slowing from 2.1 percent in the previous period. Exports increased by 0.1 percent after posting a 2.5 percent rise in the preceding quarter. Import grew at a faster 1.4 percent, following a 6.1 percent expansion in the fourth quarter.

On the production side, construction sector expanded the most by 9.4 percent (from +7.5 percent), followed by electricity, gas & water supply (+6.3 percent from +6.7 percent), services (+2.5 percent from +2.7 percent) and manufacturing (+1.8 percent from +2.4 percent). In contrast, agriculture, forestry & fishing contracted by 3.0 percent, compared to a 5.0 percent decline in the preceding quarter.

On a quarter-on-quarter basis, the economy grew by 0.4 percent, slowing from a 0.7 percent expansion in the previous quarter. It is the weakest growth since the second quarter of 2015.

Bank of Korea l Rida Husna | rida@tradingeconomics.com
4/26/2016 7:48:07 AM

South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.40 0.70 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.70 3.10 18.20 -7.30 percent [+]
GDP 1410.38 1305.60 1410.38 2.36 USD Billion [+]
GDP Constant Prices 371845.00 370130.50 371845.00 6626.29 KRW Billion [+]
Gross National Product 397275.40 380590.60 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 109351.40 108060.60 109351.40 359.12 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 7458.40 7044.50 7766.10 1627.32 KRW Billion [+]
GDP From Construction 15485.80 14849.60 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 104930.50 105539.90 105539.90 297.74 KRW Billion [+]
GDP From Mining 599.20 576.30 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22650.80 22558.20 22650.80 1673.48 KRW Billion [+]
GDP From Services 199494.50 198597.80 199494.50 4114.29 [+]
GDP From Transport 12749.00 12702.60 12749.00 113.95 KRW Billion [+]
GDP From Utilities 7452.30 7509.30 7509.30 10.30 KRW Billion [+]




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