South Korea GDP Annual Growth Rate

The Gross Domestic Product (GDP) in South Korea expanded 3.70 percent in the fourth quarter of 2013 over the same quarter of the previous year. GDP Annual Growth Rate in South Korea is reported by the The Bank of Korea. GDP Annual Growth Rate in South Korea averaged 7.13 Percent from 1971 until 2013, 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’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. 2014-04-23

Actual Previous Highest Lowest Forecast Dates Unit Frequency
3.70 3.40 18.20 -7.30 3.90 | 2014/03 1971 - 2013 Percent Quarterly

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South Korea GDP Annual Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-10-25 12:00 AM South Korea
GDP Growth Rate YoY
Q3 2013 (A) 3.3% 2.3% 3.2% 2.58%
2013-12-04 11:00 PM South Korea
GDP Growth Rate YoY
Q3 2013 (F) 3.3% 2.3% 3.3% 2.58%
2014-01-22 11:00 PM South Korea
GDP Growth Rate YoY - Prel
Q4 2013 3.9% 3.3% 4.0% 3.79%
2014-03-25 11:00 PM South Korea
GDP Growth Rate YoY - Final
Q4 2013 3.7% 3.4% (R) 3.9% 3.9%
2014-04-24 12:00 AM South Korea
GDP Annual Growth Rate - Adv
Q1 2014 3.7% 3.8% 3.89%
2014-07-24 12:00 AM South Korea
GDP Annual Growth Rate - Adv
Q2 2014 4.84%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate 0.90 2013-12-31 1.10 6.80 -7.00 0.80 2014-03-31 Percent [+]
GDP Annual Growth Rate 3.70 2013-12-31 3.40 18.20 -7.30 3.90 2014-03-31 Percent [+]
GDP per capita 21562.45 2012-12-31 21226.03 21562.45 1467.10 22208.99 2014-06-30 USD [+]
GDP per capita PPP 27990.83 2012-12-31 27554.12 27990.83 5543.57 28830.12 2014-06-30 USD [+]
GDP Constant Prices 350505.10 2013-11-15 285348.50 350505.10 14934.60 356869.47 2014-06-30 KRW Billion [+]
Gross Fixed Capital Formation 101518.70 2013-11-15 70686.00 101518.70 2402.10 94124.10 2014-03-31 KRW Billion [+]
Gross National Product 365088.20 2013-11-15 345972.60 365088.20 14696.60 385582.54 2014-03-31 KRW Billion [+]
GDP 1129.60 2012-12-31 1114.47 1129.60 2.36 1173.16 2014-06-30 USD Billion [+]
[+]


South Korea GDP Growth Revised Down to 3.7% YoY

In the fourth quarter of 2013, South Korean GDP advanced 3.7 percent over a year earlier, down from an initial 3.9 percent estimate. Exports, government spending and contruction investment rose at a slower pace than initially estimated.

Private consumption accelerated for the fourth straight quarter to 2.2 percent (unrevised from the initial estimate) and facilities investment grew the most on the year by 10.9 percent yoy (revised upwards from an initial estimate of 9.9 percent).

Government consumption rose at a slower 3.3 percent (down from 3.6 percent in the initial estimate) and construction investment slowed more than initially expected (5.4 percent versus an initial 8.1 percent).

While exports rose 3.2 percent (less than 5.5 percent in the initial estimate), imports increased 4.9 percent (down from 5.2 percent).

For the full 2013, the GDP increased by 3 percent (up from a preliminary 2.8 percent), mainly due to solid expansion in construction investment, intellectual property products investment and exports, amid continuous increase in private consumption. The rate of facilities investment growth meanwhile slumped.

The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
3/25/2014 11:32:09 PM

RECENT RELEASES

South Korea GDP Advances 3.9% YoY in Q4 2013
In the fourth quarter of 2013, South Korea GDP expanded 3.9 percent, the highest growth rate in eleven quarters, boosted by private consumption and capital investment. Published on 2014-01-22

South Korea GDP Growth Confirmed at 3.3% YoY in Q3
In the third quarter of 2013, South Korean economy advanced 3.3 percent year-on-year, matching the advanced estimate released earlier by the central bank. It is the fastest expansion in the last seven quarters. Published on 2013-12-04


GDP Annual Growth Rate | Notes
The annual growth rate in Gross Domestic Product measures the increase in value of the goods and services produced by an economy over the period of a year. Therefore, unlike the commonly used quarterly GDP growth rate the annual GDP growth rate takes into account a full year of economic activity, thus avoiding the need to make any type of seasonal adjustment.


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