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

The Gross Domestic Product (GDP) in South Korea expanded 3.20 percent in the third quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in South Korea averaged 7.08 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
3.20 3.50 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 Friday, October 31, 2014.


South Korean Economy Slows in Q3


South Korean GDP advanced 3.2 percent year-on-year in the third quarter of 2014, down from a 3.5 percent expansion in the previous period. It is the weakest performance in five quarters as exports and facilities investment slowed sharply.

Private expenditure rose 1.6 percent year-on-year, slightly up from a 1.5 percent increase in the previous quarter. Government spending grew 3.4 percent, (1.7 percent in the second quarter) and construction investment expanded 3 percent (0.2 percent in the preceding period).

In contrast, facilities investment rose at a slower 3.9 percent (7.7 percent in Q2) and exports of goods increased 1.4 percent, slowing from a 3.6 percent expansion in the previous quarter. In contrast, imports rose 1.6 percent, accelerating from a 1.2 percent expansion in the second quarter.

On a quarter-on-quarter seasonally adjusted basis, the economy expanded 0.9 percent.

Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
10/24/2014 12:25:40 AM


Recent Releases

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. Published on 2014-09-04

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


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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 3.2% 3.5% 3.3% 3.39%
2014-12-03 11:00 PM South Korea
GDP Growth Rate YoY Final
Q3 2014 3.5% 3.2% 3.2%


South Korea GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.90 0.50 6.80 -7.00 Percent [+]
GDP Annual Growth Rate 3.20 3.50 18.20 -7.30 Percent [+]
GDP Constant Prices 358603.40 355541.80 358603.40 14934.60 KRW Billion [+]
Gross National Product 354573.30 336918.40 365088.20 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 105966.40 104552.10 105966.40 2402.10 KRW Billion [+]
GDP per capita PPP 32708.11 31901.07 32708.11 12086.76 USD [+]