South Korea GDP Annual Growth Rate 1971-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in South Korea expanded 3.50 percent in the second quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in South Korea averaged 7.10 Percent from 1971 until 2014, 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


Actual Previous Highest Lowest Dates Unit Frequency
3.50 3.90 18.20 -7.30 1971 - 2014 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 Sunday, September 21, 2014.


South Korea GDP Growth Revised Down to 3.5% YoY in Q2


In the second quarter of 2014, the South Korean economy advanced 3.5 percent year-on-year, slowing from a 3.9 percent expansion in the previous quarter and slightly below the advance estimate.

Preliminary estimates released earlier by the Bank of Korea showed the economy grew an annual 3.6 percent in the second quarter of 2014. 

Final estimates showed private consumption rose 1.5 percent, unchanged from the advance estimate. Government consumption grew at a slightly lower 1.7 percent, compared with an initial estimate of 1.8 percent. Gross fixed capital formation expanded at the same pace compared with the preliminary result at 3.4 percent. Exports advanced 3.7 percent, slightly down from an initial 3.8 percent estimate and imports expanded 3.7 percent, compared with a 3.4 percent advance estimate. 

On the production side, only electricity, water and gas supply expanded at the same level as in the advance estimate (0.7 percent). Agriculture, forestry and fishing grew 3.4 percent, up from the advance estimate of 3 percent; manufacturing (+5.3 percent from +5.4 percent); construction (+0.7 percent from +0.9 percent) and services (+2.7 percent from 2.8 percent) grew at a slower pace.

On a quarter-on-quarter basis, the economy advanced 0.5 percent in the April to June 2014 period, slowing from a 0.9 percent expansion in the previous period

Bank of Korea l Rida l rida@tradingeconomics.com
9/4/2014 10:20:17 AM


Recent Releases

South Korean Economy Advances 3.6% in Q2
South Korean GDP advanced 3.6 year-on-year in the second quarter of 2014, down from 3.9 percent in the previous period, as all main production sectors slowed except electricity, water and gas supply. Published on 2014-07-24

South Korea GDP Growth Accelerates
In the first quarter of 2014, the South Korean economy advanced 3.9 percent year-on-year, accelerating from a 3.7 percent expansion in the previous quarter and matching the advance estimate. Published on 2014-06-05


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-24 12:00 AM South Korea
GDP Growth Rate YoY - Adv
Q1 2014 3.9% 3.7% 3.8% 3.89%
2014-06-05 12:00 AM South Korea
GDP Growth Rate YoY - Final
Q1 2014 3.9% 3.70% 3.9% 3.9%
2014-07-24 12:00 AM South Korea
GDP Growth Rate YoY- Adv
Q2 2014 3.6% 3.9% 3.6% 3.79%
2014-09-04 12:00 AM South Korea
GDP Growth Rate YoY Final
Q2 2014 3.5% 3.9% 3.6% 3.6%
2014-10-24 12:00 AM South Korea
GDP Annual Growth Rate - Adv
Q3 2014 3.5% 4.29%


GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.50 0.90 6.80 -7.00 Percent [+]
GDP Annual Growth Rate 3.50 3.90 18.20 -7.30 Percent [+]
GDP Constant Prices 355541.80 353810.90 355541.80 14934.60 KRW Billion [+]
Gross National Product 336918.40 365088.20 365088.20 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 104552.10 104779.50 104779.50 2402.10 KRW Billion [+]
GDP per capita PPP 32708.11 31901.07 32708.11 12086.76 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 3.10 Jun/14 3.50 9.00 -3.40 Percent [+]
Brazil -0.90 Jun/14 1.90 10.10 -3.15 Percent [+]
Canada 2.45 Jun/14 2.14 8.80 -3.70 Percent [+]
China 7.50 Jun/14 7.40 14.20 3.80 Percent [+]
Euro Area 0.70 Jun/14 1.00 5.00 -5.50 Percent [+]
France 0.30 Jun/14 0.70 4.90 -4.30 Percent [+]
Germany 0.80 Jun/14 2.50 5.20 -6.80 Percent [+]
India 5.70 Jun/14 4.60 11.40 -5.20 Percent [+]
Indonesia 5.12 Jun/14 5.22 7.16 1.56 Percent [+]
Italy -0.20 Jun/14 -0.40 10.30 -6.90 Percent [+]
Japan -0.10 Jun/14 3.00 9.40 -9.40 Percent [+]
Mexico 1.60 Jun/14 1.90 8.50 -8.10 Percent [+]
Netherlands 0.90 Jun/14 0.00 5.80 -4.40 Percent [+]
Russia 0.80 Jun/14 0.90 12.10 -11.20 Percent [+]
South Korea 3.50 Jun/14 3.90 18.20 -7.30 Percent [+]
Spain 1.20 Jun/14 0.50 5.80 -4.40 Percent [+]
Switzerland 0.60 Jun/14 2.10 7.30 -3.70 Percent [+]
Turkey 2.10 Jun/14 4.70 12.60 -14.70 Percent [+]
United Kingdom 3.20 Jun/14 3.00 10.20 -6.80 Percent [+]
United States 2.50 Jun/14 1.90 13.40 -4.10 Percent [+]





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