South Korea GDP Annual Growth Rate 1971-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in South Korea expanded 2.20 percent in the second quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in South Korea averaged 7 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
2.20 2.50 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. Content for - South Korea GDP Annual Growth Rate - was last refreshed on Tuesday, August 4, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-04-23 12:00 AM Q1 2.4% 2.7% 2.4% 2.74%
2015-06-04 12:00 AM Q1 2.5% 2.7% 2.4% 2.4%
2015-07-23 12:00 AM Q2 2.2% 2.5% 2.3% 1.8%
2015-09-03 12:00 AM Q2 2.5% 2.2% 2.2%
2015-10-23 12:00 AM Q3 2.29%
2015-12-03 11:00 PM Q3


South Korea GDP Growth at 2-Year Low in Q2


The South Korean economy advanced 2.2 percent year-on-year in the second quarter of 2015, the lowest growth rate since the first three months of 2013 as exports plunged, advance estimates from the central bank showed.

Exports shrank 0.9 percent year-on-year in the three months to June, after a 0.1 percent increase in the previous period and imports grew at a slower 1.1 percent (1.9 percent in the first quarter).

Facilities investment expanded less than in the first quarter (4.8 percent compared to 5.8 percent) while construction investment rose at a faster 1.7 percent (compared to 0.6 percent).

Private consumption rose 1.6 percent (compared to 1.5 percent in the first quarter) and public spending advanced 3.3 percent (compared to 3.1 percent in the first quarter).

On a seasonally adjusted basis, the economy expanded 0.3 percent on quarter in the second quarter of 2015, much lower than 0.8 percent in the first three months of the year.

Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
7/23/2015 9:50:36 AM


Recent Releases

South Korea GDP Growth Slows in Q1
The South Korean economy advanced by 2.5 percent year-on-year in the first quarter of 2015, slowing from a 2.7 percent expansion in October to December but above preliminary estimates. It is the lowest growth rate since the second quarter of 2012, as an increase in investment and consumption were not enough to offset a slowdown in exports.
Published on 2015-06-04

South Korea GDP Growth at Nearly 2-Year Low
The South Korean economy advanced by 2.4 percent year-on-year in the first quarter of 2015, according to preliminary estimates. It is the lowest growth rate since the third quarter of 2013, as an increase in investment and consumption was not enough to offset a negative contribution from net exports.
Published on 2015-04-23

South Korea Economy Confirmed at 2.7% YoY in Q4
South Korean GDP advanced 2.7 percent year-on-year in the last quarter of 2014, down from a 3.2 percent expansion in the previous period and matching preliminary estimates. It is the weakest performance since the third quarter of 2013, due to a slowdown in investment and exports.
Published on 2015-03-25

South Korea GDP Growth at Nearly 1-1/2-Year Low
The South Korean economy advanced 2.7 percent year-on-year in the last quarter of 2014, according to preliminary estimates. It is the lowest growth rate since the third quarter of 2013, due to a slowdown in exports and investment.
Published on 2015-01-22


South Korea GDP Last Previous Highest Lowest Unit
GDP 1410.38 1305.60 1410.38 2.36 USD Billion [+]
GDP Growth Rate 0.30 0.80 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.20 2.50 18.20 -7.30 percent [+]
GDP Constant Prices 363249.70 362171.20 363249.70 14934.60 KRW Billion [+]
Gross National Product 360936.70 377063.60 377063.60 14696.60 KRW Billion [+]
GDP per capita 24565.56 23875.18 24565.56 1106.76 USD [+]
Gross Fixed Capital Formation 106479.90 105401.40 106479.90 2402.10 KRW Billion [+]
GDP per capita PPP 33629.35 32684.23 33629.35 12086.76 USD [+]
GDP From Agriculture 6857.10 7715.70 7715.70 1627.32 KRW Billion [+]
GDP From Construction 14175.40 14115.00 16130.10 279.27 KRW Billion [+]
GDP From Manufacturing 104398.60 103561.30 104398.60 297.74 KRW Billion [+]
GDP From Mining 567.80 558.10 875.80 178.51 KRW Billion [+]
GDP From Public Administration 22262.60 22141.90 22262.60 1673.48 KRW Billion [+]
GDP From Services 194895.30 194623.80 194895.30 4114.29 [+]
GDP From Transport 12337.10 12498.50 12498.50 113.95 KRW Billion [+]
GDP From Utilities 6894.30 6893.80 7141.20 10.30 KRW Billion [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 2.30 Mar/15 2.50 9.00 -3.40 percent [+]
Brazil -1.60 Mar/15 -0.20 10.10 -3.15 percent [+]
Canada 2.06 Mar/15 2.63 8.80 -3.70 percent [+]
China 7.00 Jun/15 7.00 14.20 3.80 percent [+]
Euro Area 1.00 Mar/15 0.90 5.00 -5.60 percent [+]
France 0.82 Mar/15 0.03 12.50 -3.95 percent [+]
Germany 1.10 Mar/15 1.60 5.20 -6.80 percent [+]
India 7.50 Mar/15 6.60 11.40 -5.20 percent [+]
Indonesia 4.71 Mar/15 5.01 7.16 1.56 percent [+]
Italy 0.10 Mar/15 -0.50 10.30 -6.90 percent [+]
Japan -0.90 Mar/15 -1.00 9.40 -9.40 percent [+]
Mexico 2.50 Mar/15 2.60 8.50 -8.10 percent [+]
Netherlands 2.50 Mar/15 1.60 5.80 -4.40 percent [+]
Russia -2.20 Mar/15 0.40 12.10 -11.20 percent [+]
South Korea 2.20 Jun/15 2.50 18.20 -7.30 percent [+]
Spain 3.10 Jun/15 2.70 5.60 -4.30 percent [+]
Switzerland 1.10 Mar/15 1.90 7.30 -3.70 percent [+]
Turkey 2.30 Mar/15 2.60 12.60 -14.70 percent [+]
United Kingdom 2.60 Jun/15 2.90 9.80 -5.80 percent [+]
United States 2.30 Jun/15 2.40 13.40 -4.10 percent [+]