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

The Gross Domestic Product (GDP) in South Korea expanded 2.50 percent in the first quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in South Korea averaged 7.02 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.

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South Korea GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
2.50 2.70 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 Friday, July 3, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-03-24 11:00 PM Q4 2.7% 3.2% 2.7% 2.7%
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 2.5% 2.43%
2015-09-03 12:00 AM Q2 2.5%
2015-10-23 12:00 AM Q3 2.09%


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.

Gross fixed capital formation grew by 2.4 percent in the three months to March, following a 0.7 percent expansion in the December quarter. Construction investment rose by 0.6 percent, rebounding from a 1.5 percent contraction in the preceding period, with a rise in building construction offsetting a decline in civil engineering. Facilities investment advanced by 5.8 percent, slowing from a 4.2 percent expansion in Q4, as investment in semiconductor and automobiles increased. Intellectual property products grew by 1.7 percent, accelerating from a 1.1 percent expansion in the previous quarter, mainly driven by R&D investment.

Final consumption expanded by 1.9 percent year-on-year, after registering a 1.8 percent growth in the December quarter. Private consumption rose by 1.5 percent from 1.4 percent growth in the previous quarter, centering around expenditures on durables such as automobiles and on services such as health care and financial services. Meanwhile, government consumption grew by 3.1 percent, the same pace as in the fourth quarter of 2014.

Exports grew by 0.1 percent, slowing from a 1.4 percent rise in Q4, mainly driven by sales of semiconductors and petrochemical products. Meanwhile, imports rose by 1.9 percent, markedly increasing  from 0.1 percent growth in the December quarter, mainly due to higher purchases of crude oil, machinery and automobiles.

On the production side, the manufacturing sector expanded by 0.7 percent, following a 2.4 percent growth in the preceding quarter and centering around the production of semiconductors and petrochemical products. Construction sector grew by 0.2 percent, reversing from a 1.0 percent contraction in the December quarter, mainly due to an increase in residential building construction. Services increased by 3.1 percent, the same pace as in the previous period. Meanwhile, growth of electricity. gas & water supply slowed by 3.0 percent from 3.8 percent. The agriculture sector  grew by 6.3 percent, accelerating from  1.3 percent increase in Q4.

For 2015 the Bank of Korea trimmed its growth forecast to 3.1 percent . In 2014, the economy expanded by 3.3 percent, following a 2.9 percent growth in 2013.

On a quarter-on-quarter basis, the economy grew by 0.8 percent, accelerating from a 0.3 percent expansion in the previous quarter.

Bank of Korea l Rida Husna l rida@tradingeconomics.com
6/4/2015 3:22:55 AM


Recent Releases

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 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.
Published on 2014-10-24


South Korea GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.80 0.30 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.50 2.70 18.20 -7.30 percent [+]
GDP Constant Prices 362171.20 359207.70 362171.20 14934.60 KRW Billion [+]
Gross National Product 360936.70 377063.60 377063.60 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 105401.40 101313.20 105875.40 2402.10 KRW Billion [+]
GDP per capita PPP 32708.11 31901.07 32708.11 12086.76 USD [+]
Gdp From Agriculture 7715.70 7458.70 7715.70 1627.32 KRW Billion [+]
Gdp From Construction 14115.00 13838.60 16130.10 279.27 KRW Billion [+]
Gdp From Manufacturing 103561.30 103145.60 104032.00 297.74 KRW Billion [+]
Gdp From Mining 558.10 557.90 875.80 178.51 KRW Billion [+]
Gdp From Public Administration 22141.90 21981.80 22141.90 1673.48 KRW Billion [+]
Gdp From Services 194623.80 192828.20 194623.80 4114.29 [+]
Gdp From Transport 12498.50 12445.20 12498.50 113.95 KRW Billion [+]
Gdp From Utilities 6893.80 7141.20 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 Mar/15 7.30 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 2.50 Mar/15 2.70 18.20 -7.30 percent [+]
Spain 3.10 Jun/15 2.70 5.80 -4.40 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 2.90 Mar/15 3.40 9.80 -5.80 percent [+]
United States 2.90 Mar/15 2.40 13.40 -4.10 percent [+]