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

The Gross Domestic Product (GDP) in South Korea expanded 2.70 percent in the fourth quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in South Korea averaged 7.05 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.

      Forecast    
South Korea GDP Annual Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
2.70 3.20 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 Thursday, April 2, 2015.


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.

On the expenditure side, during the October to December quarter, gross fixed capital formation slowed sharply to 0.7 percent (3.5 percent growth in Q3), due to a 1.5 percent drop in construction investment. Exports grew at a slower of 1.4 percent (2.5 percent rise in Q3) and imports shrank 0.1 percent (2.7 percent growth in Q3). Private consumption advanced 1.4 percent, slightly down from 1.5 percent in the third quarter and government spending grew 3.1 percent (3.5 percent in Q3).
 
On the production side, the construction sector contracted by 1.0 percent from a 1.5 percent expansion in the previous quarter. Meanwhile, growth in other sectors slowed: the agriculture sector  grew by 1.3 percent (from 1.4 percent increase in Q3); the manufacturing sector (+2.4 percent from 3.3 percent growth); the electricity, gas & water supply (+3.8 percent from 3.9 percent growth) and the services sector (+3.1 percent from 3.2 percent increase).

On a quarter-on-quarter basis, the economy shrank 0.3, after a 0.8 percent growth in the previous quarter. 

For full year of 2014, the country grew by 3.3 percent, following a  2.9 percent expansion in the preceding year. An increase in facility investment (+5.8 percent from a 0.8 percent contraction in 2013) was able to offset a rise in imports and a slowdown in final consumption expenditure and exports. Imports rose by 2.1 percent (from a 1.7 percent growth in the preceding year) while private expenditure grew by 1.8 percent (from  a 1.9 percent growth), government expenditure (+2.8 percent from a 3.3 percent expansion), exports (+2.8 percent from a 4.3 percent) while imports increased by 2.1 percent (from a 1.7 percent growth).

Bank of Korea l Rida Husna l rida@tradingeconomics.com
3/25/2015 7:37:28 AM


Recent Releases

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


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-12-03 11:00 PM
GDP Growth Rate YoY Final  Q3
3.2% 3.5% 3.2% 3.2%
2015-01-22 11:00 PM
GDP Growth Rate YoY Adv  Q4
2.7% 3.2% 2.8% 3.28%
2015-03-24 11:00 PM
GDP Growth Rate YoY Final  Q4
2.7% 3.2% 2.7% 2.7%
2015-04-23 12:00 AM
GDP Growth Rate YoY Adv  Q1
2.74%
2015-06-04 12:00 AM
GDP Growth Rate YoY Final  Q1
2015-07-23 12:00 AM
GDP Growth Rate YoY Adv  Q2
2.92%


South Korea GDP Last Previous Highest Lowest Unit
GDP 1304.55 1222.81 1304.55 2.36 USD Billion [+]
GDP Growth Rate 0.30 0.80 6.80 -7.00 percent [+]
GDP Annual Growth Rate 2.70 3.20 18.20 -7.30 percent [+]
GDP Constant Prices 359207.70 358782.20 359207.70 14934.60 KRW Billion [+]
Gross National Product 377063.60 355780.70 377063.60 14696.60 KRW Billion [+]
GDP per capita 23892.53 23303.01 23892.53 1106.75 USD [+]
Gross Fixed Capital Formation 101313.20 105875.40 105875.40 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 2.50 Nov/14 2.70 9.00 -3.40 percent [+]
Brazil -0.20 Nov/14 -0.60 10.10 -3.15 percent [+]
Canada 2.63 Nov/14 2.75 8.80 -3.70 percent [+]
China 7.30 Nov/14 7.30 14.20 3.80 percent [+]
Euro Area 0.90 Nov/14 0.80 5.00 -5.50 percent [+]
France 0.24 Nov/14 0.41 12.50 -3.92 percent [+]
Germany 1.60 Nov/14 1.20 5.20 -6.80 percent [+]
India 7.50 Nov/14 8.20 11.40 -5.20 percent [+]
Indonesia 5.01 Nov/14 4.92 7.16 1.56 percent [+]
Italy -0.50 Nov/14 -0.50 10.30 -6.90 percent [+]
Japan -0.80 Nov/14 -1.40 9.40 -9.40 percent [+]
Mexico 2.60 Nov/14 2.20 8.50 -8.10 percent [+]
Netherlands 1.40 Nov/14 1.00 5.80 -4.40 percent [+]
Russia 0.40 Nov/14 0.90 12.10 -11.20 percent [+]
South Korea 2.70 Nov/14 3.20 18.20 -7.30 percent [+]
Spain 2.50 Feb/15 2.00 5.80 -4.40 percent [+]
Switzerland 1.90 Nov/14 1.90 7.30 -3.70 percent [+]
Turkey 2.60 Nov/14 1.90 12.60 -14.70 percent [+]
United Kingdom 3.00 Nov/14 2.80 9.80 -5.80 percent [+]
United States 2.40 Nov/14 2.70 13.40 -4.10 percent [+]