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 was mainly nudged by manufacturing, up 7.9 percent (vs 7.6 preliminary) after an 8.9 percent decline in the previous quarter. Also, services expanded 0.9 percent (vs 0.7 percent prel) after falling 0.9 percent. In contrast, construction (-5.2 percent) and utilities (-6.2 percent) fell further. 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). 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). On an annual basis, the GDP fell by 1.1 percent after dropping by 2.7 percent. source: The Bank of Korea
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. This page provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
GDP Growth Rate in South Korea is expected to be 1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in South Korea to stand at 1.00 in 12 months time. In the long-term, the South Korea GDP Growth Rate is projected to trend around 1.00 percent in 2021, according to our econometric models.