South Korea’s Gross Domestic Product (GDP) grew 1.1 percent on a quarterly basis in the last three months of 2020, compared to a 2.1 percent expansion in the previous period and to market consensus of 0.7 percent, preliminary data showed. Private consumption contracted 1.7 percent, while government expenditure dropped 0.4 percent. Meanwhile, gross fixed investment rebounded 2.6 percent following a 1.4 percent decline, nudged higher by a 6.5 percent expansion in construction. On the trade side, exports grew 5.2 percent and imports 2.1 percent. On an annual basis, GDP contracted 1.4 percent after a 1.1 percent drop in the previous quarter, as the coronavirus outbreak weighed. source: The Bank of Korea
GDP Growth Rate in South Korea averaged 1.74 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 February of 2021.
GDP Growth Rate in South Korea is expected to be 0.60 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 2022, according to our econometric models.