GDP - income approach. Download historical data for 20 million indicators using your browser. A strong manufacturing industry which has turned South Korea into a major exporter accounts for 32 percent of GDP. It should be noted that in 1980, GDP declined for the first time in almost thirty years. Korea's fertility rate decreased drastically by 1.7 children per woman from 1979 to 2015. GDP expanded by 1.1 percent in the second quarter following a 0.4 percent contraction in the previous three months. In 2013, the government's expenditure on healthcare was 7.17% of the country's GDP. Definition: This entry gives GDP growth on an annual basis adjusted for inflation and expressed as a percent. It is the worst contraction since the first quarter of 1998, pushing the economy into a technical recession, preliminary estimates showed. For measuring the growth rate of GDP in terms of volumes, the GDP at current prices are valued in the prices of the previous year and the thus computed volume changes are imposed on the level of a reference year; this is called a chain-linked series. Annual percentage growth rate of GDP at market prices based on constant local currency. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. South Korea GDP Growth Rate chart, historic, and current data. South Korea’s GDP rebounded an upwardly revised 2.1 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase and a preliminary reading of 1.9 percent. Growth Rate Same Period Previous Year Q1 1961 to Q3 2020 (Dec 10) Index 2015=100 Q1 1960 to Q3 2020 (Dec 10) Leading Indicators OECD: Reference Series: Gross Domestic Product: Original Series for the Republic of Korea GDP - real growth rate: 2.04% (2019 est.) On an annual basis, the GDP fell by 1.3 percent after dropping by 2.7 percent. 1961 - 2019. The latest value from 2019 is 2.04 percent. According to the OECD, the real GDP growth in South Korea reached the peak of 6.5% in 2010 following the all-time low of 0.7% in 2009. International agencies including WB, IMF, UN, EN and OECD argue that the GDP growth remain stable of about 2.7% - 3.1% last few years. South Korea GDP - real growth rate GDP - real growth rate: 2.04% (2019 est.) Services account for the highest percentage of GDP (around 57 percent of GDP). Download historical data for 20 million indicators using your browser. On the expenditure side, consumption dropped 1.3 percent after declining 1.7 percent, dragged by private spending (-4 percent). And the … Combined with a market‐oriented reform, the North Korean economy could grow by approximately 4.7 percent per year over the coming decades. License: CC BY-4.0 Line Bar Map. On the other hand, private spending rebounded (1.4 percent), boosted by purchases of durable goods while government cash handouts helped to increase spending on restaurants, clothes and leisure activities. GFCF by asset. Korea Economic Growth The economy is set to contract this year as the pandemic hits both domestic and external demand. South Korea had the best rate of influenza vaccination in Asia with 311 people vaccinated per 1000. GDP - expenditure approach. The average value for South Korea during that period was 7.37 percent with a minimum of -5.13 percent in 1998 and a maximum of 14.9 percent in 1973. WB predicts it to stay at the same level, IMF and UN expect the rise after the fall in 2019. Disposable income, saving and net lending/net borrowing . Government consumption rose 1 percent. Exports recovered significantly from the blow dealt by the pandemic in Q2, falling at a much softer rate. South Korea’s GDP rebounded 1.9 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase. 3.16% (2017 est.) After GDP growth of 2% in 2019 – South Korea’s lowest annual rate in a decade – this year, Korea is expected by many market watchers to suffer its first recession since the Asian financial crisis of 1998. 2.91% (2018 est.) The print was 0.1 percentage points higher than the figure given in the advance estimate. On a quarterly basis, activity rebounded 1.9 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase. Likewise, the Bank of Korea mentioned that the Q1 economic growth rate would be less than that of the first quarter of 2019, negative 0.4 percent. After GDP growth of 2% in 2019 – South Korea’s lowest annual rate in a decade – this year, Korea is expected by many market watchers to suffer its first recession since the Asian financial crisis of 1998. Also, services expanded 0.9 percent (vs 0.7 percent prel) after falling 0.9 percent. South Korea’s GDP contracted 2.7 percent on an annual basis in the second quarter of 2020 following a 1.4 percent expansion in the previous period, final data showed. Nine global investment banks estimated South Korea’s real GDP growth rate for this year at an average of 3.4 percent at the end of last year, up 0.01 percentage point from the previous month. According to business research firm IHS, South Korea’s quarter-on-quarter economic growth rate is estimated at negative 0.9 percent and negative 0.7 percent in the first and second quarters of this year, respectively. South Korea has the lowest fertility rate in the world of 0.92, meaning that, on average, women are having less than one child. In 2019, real GDP growth for Republic of Korea was 2 %. More; lower. Real GDP Growth YoY data in South Korea is updated quarterly, available from Mar 1961 to Sep 2020, with an average rate of 7.2 %. Within services the most important ones are public administration (6 percent ); education (5.3 percent); information and communication (5 percent); and business activities (4.6 percent of GDP). It was the worst contraction since the last quarter of 1998, as exports plunged 13.6 percent due to worldwide coronavirus-induced lockdowns and economic shutdown. Gross Domestic Product Growth Rate in South Korea averaged 1.79% from 1960 to 2018, reaching an all-time high of 7.80% in the 4th quarter of 1970 and a record low of -7% in the 1st quarter of 1998. But most outlooks are negative. South Korea's central bank cut interest rates to a record low on Thursday as it warned the coronavirus pandemic would be worse for Asia's fourth-largest economy than the 2008 global financial crisis. Recent swings in the Korean won are down to almost exclusively non-domestic factors: the growing expectation of Fed easing, ever-declining US Treasury yields, and some sense of relief following the G20 meeting which averted even greater tariff rates on China or retaliation. Exports plunged 16.6 percent to the lowest value since 1963 due to worldwide coronavirus-induced lockdowns and economic shutdown. South Korea’s GDP shrank 3.2 percent quarter over quarter in the three months to June 2020 following a 1.3 percent drop in the previous period, entering a recession due to the negative impact of the COVID-19. And the … Going into 2021, an accommodative monetary policy and an expansionary fiscal stance are set to bolster domestic activity, boding well for the recovery. Growth was mainly nudged by manufacturing, up 7.9 percent (vs 7.6 preliminary) after an 8.9 percent decline in the previous quarter. Korea - GDP Economy contracts at milder pace in the third quarter. The Gross Domestic Product (GDP) in South Korea contracted 1.3 % YoY in Sep 2020, following a negative growth of 2.8 % in the previous quarter. South Korea Q2 GDP Annual Growth Rate at 2%: Sep 2, 2019: 23:32: South Korea Consumer Prices Unexpectedly Unchanged: Jul 25, 2019: 08:17: South Korea Economy Expands 2.1% YoY in … World Bank national accounts data, and OECD National Accounts data files. GFCF by institutional sector. Growth was mainly explained by exports, up 16.0 percent after plunging 16.1 percent, well above imports (5.6 percent vs -6.7 percent). This is the English version of the Executive Summary for Bank of Korea's Monetary Policy Report. Also, gross fixed capital formation dropped 1.1 percent. Revised gross domestic product data released Friday confirmed that South Korea’s economic growth rate slipped from a five-year high in the fourth quarter as a … International credit rating agency Fitch Ratings’ estimates are negative 0.6 percent and negative 0.9 percent. 1960-2020 Data | 2021-2023 Forecast | Calendar. The inflation-targeting bank halted its easing cycle even as it announced lower full-year GDP and price-growth forecasts. The BOK – customarily optimistic – expects growth of 2.1% and the Asia Development Bank forecasts 1.2%. Wednesday is the final trading day in 2020 for stocks in Japan and South Korea as their markets will be closed on Thursday. GDP growth (annual %) World Bank national accounts data, and OECD National Accounts data files. South Korean Shares Surge 6.51% For The Week, South Korea Current Account Surplus Widens, South Korea Manufacturing PMI Nears Decade High, South Korea Export Growth Beats Estimates, South Korea Inflation Edges Down to 0.5% YoY, South Korea Construction Output Declines 0.8% YoY, South Korea Industrial Output Rebounds 0.5% YoY, South Korea Business Confidence Falls 3 Points, South Korea Consumer Confidence Sheds 8 Points, Egypt Inflation Rate Eases to 5.4% in December, FDI into the Philippines Smallest in 6 Months, Brazilian Shares Finish at New Record High, WTI Crude Books Big Weekly Gain after Saudi Arabia Cut. Factbook > Countries > South Korea > Economy. The Republic of Korea, or South Korea, as it has been often called after the Korean War of 1950-1953, is unique in terms of economic growth. Korea Economic Outlook. During this period, South Korean GDP grew at fastest rate (11% annually in 1973-1979 vs. 9.6% in 1963-1972). Its overall score has increased by 1.7 points due to higher scores in the rule-of-law pillar. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. South Korea’s GDP contracted 1.3 percent on an annual basis in the third quarter of 2020 following a 2.7 percent contraction in the previous period, preliminary data showed. G20 - Quarterly Growth Rates of GDP in volume. That was the largest pace of contraction since the last quarter of 2008 as manufacturing sank 8.9 percent, mainly dragged by transportation equipment and computer, electronic & optical products. The last Article IV Executive Board Consultation was on May 8, 2019. South Korea economic growth for 2018 was $2,126.32B, a 1.21% increase from 2018. South Korea GDP - real growth rate. GDP Growth Rate in South Korea averaged 1.75 percent from 1960 until 2020, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7 percent in the first quarter of 1998. The Fund lowered South Korea’s growth forecast to 2 per cent from its previous projection of 2.6 per cent, citing slowing growth in China and the “spillover” from the US-China trade war. South Korea … The Bank of Korea kept the base rate steady at a historic low of 0.5%, as expected by all 34 economists in a Reuters poll. On the production side, manufacturing dropped 6.6 percent (vs 3.5 percent in Q1), while utilities posted nil growth (vs 7.2 percent in Q1) and construction contracted 0.2 percent (vs 3 percent in Q1). Decreases in sales of motor vehicles, coal and petroleum products were the main drag. In economic developments, China's 2019 GDP growth … Current South Korea GDP Growth Rate is 2.83%. South Korea economic growth for 2018 was $2,080.78B, a 1.32% increase from 2018. On a quarterly basis, the GDP contracted 3.2 percent and was revised 0.1 pp higher. Real GDP and components - growth rates and contributions to growth. 1961-2020 Data | 2021-2023 Forecast | Calendar. On the expenditure side, consumption dropped further (-2.3 percent vs -1.3 percent in Q2), whereas gross fixed capital formation gained steam (2.6 percent vs 1.9 percent). For 50 years (1960-2010), the country’s GDP per capita at constant prices (i.e. Current South Korea GDP Growth Rate is 2.83%. The BOK – customarily optimistic – expects growth of 2.1% and the Asia Development Bank forecasts 1.2%. According to business research firm IHS, South Korea’s quarter-on-quarter economic growth rate is estimated at negative 0.9 percent and negative 0.7 percent in the first and second quarters of this year, respectively. Percent prel ) after an 8.9 percent decline in the second quarter following a 0.4 percent contraction the. 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