The growth rates are year-over-year, and not compounded. GDP Annual Growth Rate in South Korea averaged 7.19 percent from 1961 until 2020, reaching an all time high of 20.80 percent in the fourth quarter of 1969 and a record low of … Factbook > Countries > South Korea > Economy. Today the economy of South Korea is the 4th largest in Asia and the 11th largest in the world. On an annual basis, the GDP fell by 1.3 percent after dropping by 2.7 percent. But most outlooks are negative. excluding inflation) at Purchasing Power Parity (PPP) increased 25-fold. Government consumption rose 1 percent. South Korea's economy just recorded its most severe contraction since the 2008 financial crisis as the coronavirus pandemic weighed on consumer demand and exports. Imports went down 7.4 percent, mainly due to oil. Download historical data for 20 million indicators using your browser. Wednesday is the final trading day in 2020 for stocks in Japan and South Korea as their markets will be closed on Thursday. 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. Going into 2021, an accommodative monetary policy and an expansionary fiscal stance are set to bolster domestic activity, boding well for the recovery. In 2019, real GDP growth for Republic of Korea was 2 %. Moreover, fixed investment gained steam, growing at a faster pace than in Q2. South Korea has experienced remarkable success in combining rapid economic growth with significant reductions in poverty. South Korea's GDP growth rate in comparison to North Korea between 1990 and 2018 On a quarterly basis, the GDP contracted 3.2 percent and was revised 0.1 pp higher. South Korea gdp growth rate for 2017 was 3.16%, a 0.21% increase from 2016. Label. South Korea, with a GDP of $1.65 trillion in 2019, is the 12th largest world economy. Since 2009, South Korea has improved … South Korea GDP shrank 3.3 percent quarter-on-quarter in the second quarter of 2020, following a 1.3 percent decline in the previous period and worse than market forecasts of a 2.3 percent fall. Meanwhile, private spending shrank 4.1 percent, public spending rose 6 percent and gross fixed capital formation increased 1.1 percent. South Korea’s population growth rate has slowed significantly, decreasing from 0.1% to 0.09% from 2019 to 2020. South Korea's economy just recorded its most severe contraction since the 2008 financial crisis as the coronavirus pandemic weighed on consumer demand and exports. Decreases in sales of motor vehicles, coal and petroleum products were the main drag. South Korea GDP Growth Rate chart, historic, and current data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. And the … Direct access to our calendar releases and historical data. 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. South Korea's real gross domestic product expanded by an average of more than 8 percent per year, from US$2.7 billion in 1962 to US$230 billion in 1989, breaking the trillion dollar mark in 2006. Accordingly, price movements will not inflate the growth rate. 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. 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 However, opponents of state intervention note that this increase was mainly due to export orientation of the economy, and its pace could have been higher without state intervention. November 17, 2020. In each of the last five decades, the average annual rate of growth has exceeded 5% and the economy is now an innovation-driven, high-income country of just under 49 million people with a total GDP in excess of $1 trillion and a per capita income of over $20,000 (PPP adjusted). Disposable income, saving and net lending/net borrowing . On the expenditure side, consumption dropped further (-2.1 percent vs -1.3 percent in Q2), whereas gross fixed capital formation gained steam (3.2 percent vs 1.9 percent). Construction dropped 0.3 percent, mainly explained by building construction. GFCF by asset. But most outlooks are negative. 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. Growth was mainly explained by exports, up 15.6 percent after plunging 16.1 percent, well above imports (4.9 percent vs -6.7 percent). South Korea’s GDP contracted a downwardly revised 1.1 percent on an annual basis in the third quarter of 2020 following a 2.7 percent contraction in the previous period and compared to a preliminary 1.3 percent decline. Download historical data for 20 million indicators using your browser. 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 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. South … In contrast, construction (-5.5 percent vs -0.3 percent) and utilities (-7.4 percent vs 0.1 percent) fell further. 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. Like in most developed countries, services account for the highest percentage of GDP (around 57 percent of GDP). Its overall score has increased by 1.7 points due to higher scores in the rule-of-law pillar. 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. 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. Korea Economic Outlook. 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). The latest value from 2019 is 2.04 percent. SEOUL — South Korea’s economy declined 3.3 percent on-year during the second quarter, but it ranks second in terms of gross domestic product growth rate among major economies, data showed Sunday. Also Show. 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). On an annual basis, the GDP fell by 2.7 percent after expanding 1.4 percent. Growth was mainly nudged by manufacturing, up 7.9 percent (vs 7.6 preliminary) after an 8.9 percent decline in the previous quarter. For 50 years (1960-2010), the country’s GDP per capita at constant prices (i.e. 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. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.2% in 2009. South Korea is one of the most highly regarded countries in the world when it comes to sustained growth and development. Current South Korea GDP Growth Rate is 2.83%. According to a preliminary estimate, GDP declined at a milder rate of 1.3% year-on-year in the third quarter compared to the 2.7% contraction tallied in the second quarter. 1961 - 2019. Although the unemployment rate is very low (3.8%, IMF, 2019) the number of irregular workers is very high, social inequalities are deepening and social ties are deteriorating. ... BOK Working Paper No.2018-8, Rare Disasters and Exchange Rates: An Empirical Investigation of South Korean Exchange Rates under Tension between the Two Koreas 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. 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. 1960-2020 Data | 2021-2023 Forecast | Calendar. Meanwhile, gross fixed capital formation expanded 1.9 percent following a 4.7 percent increase. Also, gross fixed capital formation dropped 1.1 percent. 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. Exports declined 3.4 percent (vs -13 percent), whereas imports sank 4.6 percent (vs -8.5 percent). Exports recovered significantly from the blow dealt by the pandemic in Q2, falling at a much softer rate. South Korea had the best rate of influenza vaccination in Asia with 311 people vaccinated per 1000. 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). South Korea GDP Growth Rate chart, historic, and current data. Year-on-year, the GDP contracted 2.9 percent. 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). 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. 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. According to the Organisation for Economic Cooperation Development (), the fertility rate in Korea declined steeply from 1970 to 2015.The South Korean fertility rate of 1.8 children per woman was below the OECD average fertility rate of 2 children per woman in 1984 and has remained below average since then. In contrast, construction (-5.2 percent) and utilities (-6.2 percent) fell further. 2.91% (2018 est.) The print was 0.1 percentage points higher than the figure given in the advance estimate. 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. The last Article IV Executive Board Consultation was on May 8, 2019. GDP growth (annual %) - Korea, Rep. World Bank national accounts data, and OECD National Accounts data files. GDP growth (annual %) World Bank national accounts data, and OECD National Accounts data files. Meanwhile, services declined by 0.9 percent, dragged by contractions in wholesale & retail trade, accommodation & food services, transportation & storage and cultural & other services. Definition: This entry gives GDP growth on an annual basis adjusted for inflation and expressed as a percent. GDP - output approach. A strong manufacturing industry which has turned South Korea into a major exporter accounts for 32 percent of GDP. This is the English version of the Executive Summary for Bank of Korea's Monetary Policy Report. 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. More; lower. South Korea Population History. 2.91% (2018 est.) 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 … It is considered to be a very important indicator of the economic strength of a country and a change in it is a sign of economic growth. 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. Direct access to our calendar releases and historical data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Though Republic of Korea real GDP growth fluctuated substantially in recent years, it tended to decrease through 2000 - 2019 period ending at 2 % in 2019. South Korea GDP Growth Rate June 26, 2015 May 21, 2020 Alex 0 Comments Asia , South Korea 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. South Korea GDP - real growth rate GDP - real growth rate: 2.04% (2019 est.) Korea Economic Growth The economy is set to contract this year as the pandemic hits both domestic and external demand. South Korea … International credit rating agency Fitch Ratings’ estimates are negative 0.6 percent and negative 0.9 percent. South Korea: Economic growth: the rate of change of real GDP: For that indicator, we provide data for South Korea from 1961 to 2019. 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. South Korea economic growth for 2018 was $2,080.78B, a 1.32% increase from 2018. Real GDP and components - growth rates and contributions to growth. South Korea has an export oriented economy and is the world's leading producer of displays and memory semiconductors and the second largest producer of ships. 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. Exports declined 3.7 percent (vs -13 percent), whereas imports sank 5.3 percent (vs -8.5 percent). It is the worst contraction since the first quarter of 1998, pushing the economy into a technical recession, preliminary estimates showed. GDP expanded by 1.1 percent in the second quarter following a 0.4 percent contraction in the previous three months. South Korea's gross domestic product contracted 2.9 percent year-on-year in the second quarter of 2019, reversing a 1.4 percent growth in the previous three-month period and steeper than a 2.0 percent decline predicted by analysts, a preliminary estimate showed. 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. Growth was mainly nudged by manufacturing, up 7.6 percent after an 8.9 percent decline in the previous quarter. 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. World Bank national accounts data, and OECD National Accounts data files. By how much did real GDP per capita need to increase and South Korea in 2011 to achieve a growth rate consistent with its average over the previous 50 years. The BOK – customarily optimistic – expects growth of 2.1% and the Asia Development Bank forecasts 1.2%. The inflation-targeting bank halted its easing cycle even as it announced lower full-year GDP and price-growth forecasts. On the expenditure side, consumption edged down 0.1 percent after growing 1.4 percent, while gross fixed capital formation declined further (-1.4 percent vs -0.4 percent). SEOUL — South Korea’s economy declined 3.3 percent on-year during the second quarter, but it ranks second in terms of gross domestic product growth rate among major economies, data showed Sunday. Services account for the highest percentage of GDP (around 57 percent of GDP). On a quarterly basis, activity rebounded 2.1 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating the preliminary estimate of a 1.9 percent increase. In each of the last five decades, the average annual rate of growth has exceeded 5% and the economy is now an innovation-driven, high-income country of just under 49 million people with a total GDP in excess of $1 trillion and a per capita income of over $20,000 (PPP adjusted). South Korea has the lowest fertility rate in the world of 0.92, meaning that, on average, women are having less than one child. The Trading Economics Application Programming Interface (API) provides direct access to our data. 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. Publish your articles and forecasts in our website. Income per capita increased from USD 100 in 1963 to more than USD 31,400 today (IMF). A preliminary estimate showed the economy contracted at a slower pace in annual terms in the third quarter as international trade ameliorated. GDP - income approach. South Korea: Economic growth: the rate of change of real GDP: For that indicator, we provide data for South Korea from 1961 to 2019. The latest value from 2019 is 2.04 percent. The data reached an all-time high of 19.9 % in Dec 1969 and a record low of -7.3 % in Jun 1998. 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. GFCF by institutional sector. On the expenditure side, consumption dropped 1.3 percent after declining 1.7 percent, dragged by private spending (-4 percent). 3.16% (2017 est.) 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. 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