South Korea GDP Annual Growth Rate  1971-2017 | Data | Chart | Calendar

The South Korean economy expanded 2.3 percent year-on-year in the last three months of 2016, beating market expectations of 2.2 percent but slowing from a 2.6 percent increase in the previous period. Yet, it is the lowest growth rate in six quarters as services and construction eased, preliminary estimates showed. GDP Annual Growth Rate in South Korea averaged 6.86 percent from 1971 until 2016, 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 GDP Annual Growth Rate
Receive the next reported value for South Korea GDP Annual Growth Rate in you Inbox



We will not not share your email with third parties and you can unsubscribe at any time.
Please Paste this Code in your Website
Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-10-24 11:00 PM Q3 2.7% 3.3% 2.6% 2.8%
2016-12-01 11:00 PM Q3 2.6% 3.3% 2.7% 2.8%
2017-01-24 11:00 PM Q4 2.3% 2.6% 2.2% 2.4%
2017-03-27 11:00 PM Q4 2.6% 2.3% 2.3%
2017-04-26 11:00 PM Q1 2.7%
2017-06-01 11:00 PM Q1 2.53%




South Korea Annual GDP Growth Slows to 1-1/2-Year Low


The South Korean economy expanded 2.3 percent year-on-year in the last three months of 2016, beating market expectations of 2.2 percent but slowing from a 2.6 percent increase in the previous period. Yet, it is the lowest growth rate in six quarters as services and construction eased, preliminary estimates showed.

Services expanded at a slower 2 percent (2.7 percent in Q3), construction eased (10.2 percent vs 10.6 percent), utilities stalled (+5.3 percent) and agriculture continued to contract (-4.8 percent vs -4.6 percent) while manufacturing rose at a faster 1.9 percent (0.8 percent).
 
On a quarterly basis, the economy expanded 0.4 percent, beating market expectations of a 0.3 percent increase but slowing to the lowest growth rate in six quarters.
 
Considering full 2016, the GDP advanced 2.7 percent, slightly higher than 2.6 percent in 2015 and matching the central bank growth target. On the expenditure side, although private (2.4 percent vs 2.2 percent in 2015) and government consumption (3.9 percent vs 3.4 percent) accelerated, and construction investment greatly enlarged (11 percent vs 3.9 percent), facilities investment contracted (-2.4 percent vs +5.3 percent). Exports accelerated (1.4 percent vs 0.8 percent) and imports slowed (3 percent vs 3.2 percent). On the production side, growth in construction (11 percent vs 3 percent) and manufacturing accelerated (1.7 percent vs 1.3 percent) while services slowed (2.5 percent vs 2.8 percent). 

Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
1/24/2017 11:48:51 PM



South Korea GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.40 0.60 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.30 2.60 18.20 -7.30 percent [+]
GDP 1377.87 1411.33 1411.33 2.36 USD Billion [+]
GDP Constant Prices 379112.70 377952.40 379112.70 6626.29 KRW Billion [+]
Gross National Product 391026.40 390475.10 397275.40 7259.71 KRW Billion [+]
Gross Fixed Capital Formation 115561.20 114705.70 115561.20 359.12 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 6699.20 6940.30 7766.10 1627.32 KRW Billion [+]
GDP From Construction 16562.30 16588.10 16588.10 279.27 KRW Billion [+]
GDP From Manufacturing 107175.30 105156.60 107175.30 297.74 KRW Billion [+]
GDP From Mining 593.60 624.30 875.80 178.51 KRW Billion [+]
GDP From Public Administration 23109.60 22981.70 23109.60 1673.48 KRW Billion [+]
GDP From Services 202582.90 202862.20 202862.20 4114.29 [+]
GDP From Transport 12844.40 12855.70 12855.70 113.95 KRW Billion [+]
GDP From Utilities 7499.50 7913.10 7913.10 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 February of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
2.30 2.60 18.20 -7.30 1971 - 2016 percent Quarterly



Last
Iceland 10.20 Sep/16
Ivory Coast 9.90 Sep/16
Ethiopia 9.60 Dec/15
Papua New Guinea 9.00 Dec/15
Uzbekistan 7.80 Dec/16
India 7.30 Sep/16
Cambodia 7.20 Dec/16
Bangladesh 7.11 Dec/16
Laos 7.00 Dec/15
Macau 7.00 Dec/16
Myanmar 7.00 Dec/15
Ireland 6.90 Sep/16
Tajikistan 6.90 Dec/16
China 6.80 Dec/16
Maldives 6.80 Jun/16
Djibouti 6.70 Dec/15
Vietnam 6.68 Dec/16
Philippines 6.60 Dec/16
Moldova 6.30 Sep/16
Tanzania 6.20 Sep/16
Turkmenistan 6.20 Dec/16
Senegal 6.00 Sep/16
Dominican Republic 5.80 Sep/16
Kenya 5.70 Sep/16
Chad 5.60 Dec/15
Niger 5.60 Sep/16
Bhutan 5.50 Dec/15
Togo 5.50 Sep/16
Burkina Faso 5.40 Sep/16
Mali 5.40 Sep/16
Monaco 5.40 Dec/15
Sao Tome and Principe 5.30 Dec/15
Guinea Bissau 5.20 Sep/16
Palestine 5.20 Sep/16
Rwanda 5.20 Sep/16
Benin 5.00 Sep/16
Paraguay 5.00 Sep/16
Indonesia 4.94 Dec/16
Central African Republic 4.90 Dec/15
Sudan 4.90 Dec/15
Luxembourg 4.80 Sep/16
Panama 4.80 Sep/16
Gambia 4.70 Dec/15
Romania 4.70 Dec/16
Ukraine 4.70 Dec/16
Botswana 4.50 Sep/16
Malaysia 4.50 Dec/16
East Timor 4.30 Dec/15
Nicaragua 4.30 Sep/16
Seychelles 4.30 Dec/15
Pakistan 4.24 Dec/15
Fiji 4.20 Dec/15
Gabon 4.20 Dec/15
Sri Lanka 4.10 Sep/16
Cape Verde 4.00 Sep/16
Ghana 4.00 Sep/16
Mauritius 4.00 Sep/16
Costa Rica 3.99 Sep/16
Algeria 3.90 Dec/15
Bahrain 3.90 Sep/16
Israel 3.80 Sep/16
Kosovo 3.80 Sep/16
Kyrgyzstan 3.80 Dec/16
Cameroon 3.70 Mar/16
Qatar 3.70 Sep/16
Honduras 3.60 Dec/15
Zambia 3.60 Dec/15
New Zealand 3.50 Sep/16
Bulgaria 3.40 Dec/16
Lesotho 3.40 Dec/15
United Arab Emirates 3.40 Dec/15
Bolivia 3.24 Jun/16
Comoros 3.20 Dec/15
Albania 3.10 Sep/16
Hong Kong 3.10 Dec/16
Mauritania 3.10 Dec/15
Slovakia 3.10 Dec/16
Cayman Islands 3.00 Jun/16
Guyana 3.00 Dec/15
Lithuania 3.00 Dec/16
Madagascar 3.00 Dec/15
Malta 3.00 Sep/16
Peru 3.00 Dec/16
Spain 3.00 Dec/16
Thailand 3.00 Dec/16
Croatia 2.90 Sep/16
Malawi 2.90 Dec/15
Singapore 2.90 Dec/16
Taiwan 2.88 Dec/16
Cyprus 2.80 Dec/16
Sweden 2.80 Sep/16
Poland 2.70 Dec/16
Slovenia 2.70 Sep/16
Somalia 2.70 Dec/15
Guatemala 2.60 Sep/16
El Salvador 2.51 Sep/16
Congo 2.50 Dec/16
Serbia 2.50 Dec/16
Bosnia and Herzegovina 2.40 Sep/16
Iraq 2.40 Dec/15
Macedonia 2.40 Sep/16
Mexico 2.40 Dec/16
Montenegro 2.40 Sep/16
Egypt 2.30 Mar/16
Georgia 2.30 Sep/16
Netherlands 2.30 Dec/16
South Korea 2.30 Dec/16
New Caledonia 2.20 Dec/15
Afghanistan 2.10 Dec/15
Latvia 2.10 Dec/16
Jamaica 2.00 Sep/16
United Kingdom 2.00 Dec/16
Uruguay 2.00 Sep/16
Portugal 1.90 Dec/16
United States 1.90 Dec/16
Australia 1.80 Sep/16
Austria 1.80 Dec/16
European Union 1.80 Dec/16
Jordan 1.80 Sep/16
Kuwait 1.80 Dec/15
Norway 1.80 Dec/16
Uganda 1.75 Sep/16
Czech Republic 1.70 Dec/16
Euro Area 1.70 Dec/16
Japan 1.70 Dec/16
Swaziland 1.70 Dec/15
Barbados 1.60 Dec/16
Chile 1.60 Sep/16
Colombia 1.60 Dec/16
Hungary 1.60 Dec/16
Zimbabwe 1.50 Dec/15
Haiti 1.40 Dec/16
Canada 1.30 Sep/16
Estonia 1.30 Sep/16
Switzerland 1.30 Sep/16
Tunisia 1.30 Sep/16
Denmark 1.20 Sep/16
Germany 1.20 Dec/16
Morocco 1.20 Dec/16
Republic of the Congo 1.20 Dec/15
Belgium 1.10 Dec/16
France 1.10 Dec/16
Italy 1.10 Dec/16
Mozambique 1.10 Dec/16
Lebanon 1.00 Dec/15
Mongolia 1.00 Dec/16
Saudi Arabia 0.90 Sep/16
Nepal 0.77 Dec/15
South Africa 0.70 Sep/16
Bahamas 0.60 Dec/16
Iran 0.60 Mar/15
Kazakhstan 0.40 Sep/16
Eritrea 0.30 Dec/15
Greece 0.30 Dec/16
Liberia 0.30 Dec/15
Finland 0.20 Dec/16
Guinea 0.10 Dec/15
Russia -0.40 Sep/16
Puerto Rico -0.60 Dec/15
Belize -0.80 Sep/16
Liechtenstein -0.80 Dec/14
Cuba -0.90 Dec/16
Namibia -1.00 Sep/16
North Korea -1.10 Dec/15
Ecuador -1.60 Sep/16
Turkey -1.80 Sep/16
Belarus -1.90 Dec/16
Suriname -2.10 Dec/15
Nigeria -2.24 Sep/16
Syria -2.30 Dec/11
Armenia -2.60 Sep/16
Brazil -2.90 Sep/16
Argentina -3.80 Sep/16
Azerbaijan -3.80 Dec/16
Brunei -3.80 Sep/16
Burundi -4.10 Dec/15
Angola -4.30 Sep/16
South Sudan -5.30 Dec/15
Libya -6.00 Dec/15
Trinidad and Tobago -8.00 Jun/16
Equatorial Guinea -10.60 Dec/15
Oman -14.10 Dec/15
Venezuela -18.60 Dec/16
Sierra Leone -21.50 Dec/15
Yemen -28.10 Dec/15