South Korea’s economy expanded 0.6% QoQ in the second quarter of 2023, accelerating from a 0.3% growth in the first quarter and exceeding market expectations for a 0.5% expansion, advance estimates showed. On the expenditure side, private consumption fell by 0.1%, as expenditures on services (e.g., restaurants & accommodations) declined while expenditures on goods maintained the previous quarter’s level. Government consumption also decreased by 1.9%, due to a decline in expenditures on social security benefits in kind. Construction investment contracted by 0.3% as well, driven by a decrease in civil engineering. Facilities investment fell by 0.2%, as investment in transportation equipment decreased, despite increased investment in machinery. Exports decreased by 1.8%, owing to reduced exports of petroleum products and transportation services, although semiconductors and motor vehicles increased. Imports dropped by 4.2%, mainly due to decreased imports of crude oil and natural gas. source: The Bank of Korea

GDP Growth Rate in South Korea averaged 1.70 percent from 1960 until 2023, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7.00 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 August of 2023.

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.

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South Korea GDP Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-06-01 11:00 PM QoQ Final Q1 0.3% -0.4% 0.3%
2023-07-24 11:00 PM QoQ Adv Q2 0.6% 0.3% 0.5% 0.5%
2023-09-04 11:00 PM QoQ Final Q2 0.3% 0.6%


Related Last Previous Unit Reference
GDP Growth Rate 0.60 0.30 percent Jun 2023
GDP Annual Growth Rate 0.90 0.90 percent Jun 2023
GDP Constant Prices 497114.10 494206.10 KRW Billion Jun 2023
Gross National Product 457232.90 490436.80 KRW Billion Mar 2023
Gross Fixed Capital Formation 144975.20 145143.20 KRW Billion Jun 2023

South Korea GDP Growth Rate
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. Services account for the highest percentage of GDP (around 57 percent of GDP). 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). A strong manufacturing industry which has turned South Korea into a major exporter accounts for 32 percent of GDP.
Actual Previous Highest Lowest Dates Unit Frequency
0.60 0.30 7.80 -7.00 1960 - 2023 percent Quarterly
SA

News Stream
South Korea Q2 GDP Beats Forecast
South Korea’s economy expanded 0.6% QoQ in the second quarter of 2023, accelerating from a 0.3% growth in the first quarter and exceeding market expectations for a 0.5% expansion, advance estimates showed. On the expenditure side, private consumption fell by 0.1%, as expenditures on services (e.g., restaurants & accommodations) declined while expenditures on goods maintained the previous quarter’s level. Government consumption also decreased by 1.9%, due to a decline in expenditures on social security benefits in kind. Construction investment contracted by 0.3% as well, driven by a decrease in civil engineering. Facilities investment fell by 0.2%, as investment in transportation equipment decreased, despite increased investment in machinery. Exports decreased by 1.8%, owing to reduced exports of petroleum products and transportation services, although semiconductors and motor vehicles increased. Imports dropped by 4.2%, mainly due to decreased imports of crude oil and natural gas.
2023-07-24
South Korea GDP Rise 0.3% in Q1
South Korea’s economy expanded 0.3% QoQ in the first quarter of 2023, following a downwardly revised 0.3% contraction in the previous period, final estimates showed. On the expenditure side, private consumption went up by 0.6% (vs -0.5% in Q4), mainly due to increased expenditures on services (e.g., recreation & culture, restaurants & accommodation). Government consumption rose by 0.4% (vs +2.5% in Q4) as the expenditures on social security benefits rose, while those on goods decreased. Construction investment grew by 1.3% (vs +1.3% in Q4), driven by expansion in building construction. In contrast, facilities investment fell by 5% (vs +2.4% in Q4), dragged by machinery investment. Exports increased 4.5% (vs -3.8% in Q4), mostly due to transportation equipment, and imports advanced by 4.2% (vs -2.8% in Q4), mostly due to chemical products.
2023-06-01
South Korea GDP Rebounds in Q1
South Korea’s economy expanded 0.3% QoQ in the first quarter of 2023, following a 0.4% contraction in the previous period, which marked the first negative reading since the second quarter of 2020. On the expenditure side, private consumption went up by 0.5% (vs -0.6% in Q4), mainly due to increased expenditures on services (e.g., recreation & culture, restaurants & accommodation). Government consumption edged higher by 0.1% (vs +2.9% in Q4) as the expenditures on social security benefits rose, while those on goods decreased. Construction investment grew by 0.2% (vs +0.8% in Q4), driven by expansion in building construction. In contrast, facilities investment fell by 4% (vs +2.7% in Q4), dragged by machinery investment. Exports added 3.8% (vs -4.6% in Q4), mostly due to transportation equipment, and imports advanced by 3.5% (vs -3.7% in Q4), mostly due to chemical products.
2023-04-24