South Korea GDP Annual Growth Rate  1961-2017 | Data | Chart | Calendar

The South Korean economy expanded 2.7 percent year-on-year in the first three months of 2017, beating expectations of a 2.6 percent expansion and outpacing growth for the previous quarter (2.4 percent). It was the highest print in three quarters. Accelerating GDP was mainly explained by further growth in manufacturing (4.4 percent from 2.3 percent in the previous quarter), which more than compensated slower growth in services and contraction in utilities. GDP Annual Growth Rate in South Korea averaged 7.51 percent from 1961 until 2017, reaching an all time high of 19.60 percent in the fourth quarter of 1969 and a record low of -7.40 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)
2017-01-24 11:00 PM Q4 2.3% 2.6% 2.2% 2.4%
2017-03-27 11:00 PM Q4 2.4% 2.6% 2.3% 2.3%
2017-04-26 11:00 PM Q1 2.7% 2.4% 2.6% 2.7%
2017-06-01 11:00 PM Q1 2.4% 2.7% 2.7%
2017-07-26 11:00 PM Q2 2.3%
2017-08-31 11:00 PM Q2




South Korea Annual GDP Growth Beats Forecasts In Q1


The South Korean economy expanded 2.7 percent year-on-year in the first three months of 2017, beating expectations of a 2.6 percent expansion and outpacing growth for the previous quarter (2.4 percent). It was the highest print in three quarters. Accelerating GDP was mainly explained by further growth in manufacturing, which more than compensated slower growth in services and contraction in utilities.

Manufacturing went up 4.4 percent, above the 2.3 percent in the previous quarter and significantly outpacing the 2.3 percent annual growth for the whole 2016 and the 1.8 percent expansion for 2015.

Construction gained some steam in the first quarter (10.8 percent from 10.5 percent), expanding at the fastest pace since the second quarter of 2016. Meanwhile, the decline in agriculture was less pronounced this quarter (-2.0 percent compared to -2.9 percent in the preceding period). Contrastingly, utilities plunged 2.0 percent after growing 3.6 percent in the previous quarter. 

On a quarterly basis, the economy expanded 0.9 percent, also above estimates of 0.7 percent growth and outpacing the 0.5 percent increase for the last three months of 2016.

Mario | mario@tradingeconomics.com
4/26/2017 11:24:21 PM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.90 0.50 7.80 -7.00 percent [+]
GDP Annual Growth Rate 2.70 2.40 19.60 -7.40 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 383599.50 380244.90 383599.50 6626.29 KRW Billion [+]
Gross National Product 410407.80 391749.40 410407.80 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 121398.10 116760.30 121398.10 359.12 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 7295.90 6857.10 7681.00 1627.32 KRW Billion [+]
GDP From Construction 17624.00 16953.90 17624.00 279.27 KRW Billion [+]
GDP From Manufacturing 110760.40 108549.80 110760.40 297.74 KRW Billion [+]
GDP From Mining 577.30 582.80 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23018.10 22778.50 23018.10 1673.48 KRW Billion [+]
GDP From Services 202240.10 202138.90 202240.10 4114.29 KRW Billion [+]
GDP From Transport 12790.00 12775.50 12790.00 113.95 KRW Billion [+]
GDP From Utilities 7227.00 7391.50 7621.30 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 May of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
2.70 2.40 19.60 -7.40 1961 - 2017 percent Quarterly



gdp annual growth rate by Country

Last
India 7.00 Dec/16
China 6.90 Mar/17
Indonesia 5.01 Mar/17
Turkey 3.50 Dec/16
Netherlands 3.40 Mar/17
Spain 3.00 Mar/17
Mexico 2.80 Mar/17
South Korea 2.70 Mar/17
Australia 2.40 Dec/16
United Kingdom 2.10 Mar/17
United States 2.00 Dec/16
Canada 1.90 Dec/16
Euro Area 1.70 Mar/17
Germany 1.70 Mar/17
Japan 1.60 Mar/17
France 0.80 Mar/17
Italy 0.80 Mar/17
Switzerland 0.60 Dec/16
Russia 0.50 Mar/17
Brazil -2.50 Dec/16