South Korea's GDP growth rate in comparison to North Korea between 1990 and 2018 Economy Latest Trend Ranking; Composite leading indicator (CLI) Indicator 101.15 Amplitude adjusted Long-term average = 100 Nov-2020 Korea Long-term average = 100 Household disposable income Indicator: 3.4 Net Annual growth rate (%) Meanwhile, services declined by 0.9 percent, dragged by contractions in wholesale & retail trade, accommodation & food services, transportation & storage and cultural & other services. 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. Services account for the highest percentage of GDP (around 57 percent of GDP). Korea Economic Outlook. Nominal (current) Gross Domestic Product (GDP) of South Korea is $1,530,750,923,149 (USD) as of 2017.; Real GDP (constant, inflation adjusted) of the Republic of Korea reached $1,345,945,672,417 in 2017.; GDP Growth Rate in 2017 was 3.06%, representing a change of 39,998,148,887 US$ over 2016, when Real GDP was $1,305,947,523,530. 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). Imports went down 7.4 percent, mainly due to oil. Download historical data for 20 million indicators using your browser. 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. South Korea had the best rate of influenza vaccination in Asia with 311 people vaccinated per 1000. 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. 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. A strong manufacturing industry which has turned South Korea into a major exporter accounts for 32 percent of GDP. During this period, South Korean GDP grew at fastest rate (11% annually in 1973-1979 vs. 9.6% in 1963-1972). Income per capita increased from USD 100 in 1963 to more than USD 31,400 today (IMF). 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. On a quarterly basis, the GDP contracted 3.2 percent and was revised 0.1 pp higher. Publish your articles and forecasts in our website. But most outlooks are negative. 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. Wednesday is the final trading day in 2020 for stocks in Japan and South Korea as their markets will be closed on Thursday. 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. South Korea Population History. In 2018, the GDP growth of South Korea was 2.7 percent whereas that of North Korea decreased 4.1 percent. 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 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. 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 - real growth rate GDP - real growth rate: 2.04% (2019 est.) GDP expanded by 1.1 percent in the second quarter following a 0.4 percent contraction in the previous three months. In contrast, construction (-5.5 percent vs -0.3 percent) and utilities (-7.4 percent vs 0.1 percent) fell further. 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 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, with a GDP of $1.65 trillion in 2019, is the 12th largest world economy. South Korea economic growth for 2018 was $2,100.90B, a 0.97% increase from 2018. Korea Economic Growth The economy is set to contract this year as the pandemic hits both domestic and external demand. South Korea GDP - real growth rate. South Korea: Economic growth: the rate of change of real GDP: For that indicator, we provide data for South Korea from 1961 to 2019. 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). 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. 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. Construction dropped 0.3 percent, mainly explained by building construction. World Bank national accounts data, and OECD National Accounts data files. 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 South Korea GDP Growth Rate chart, historic, and current data. 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). In economic developments, China's 2019 GDP growth … Current South Korea GDP Growth Rate is 2.83%. South … 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 the worst contraction since the first quarter of 1998, pushing the economy into a technical recession, preliminary estimates showed. GDP growth (annual %) World Bank national accounts data, and OECD National Accounts data files. 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. South Korea, with a GDP of $1.65 trillion in 2019, is the 12th largest world economy. 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). Download historical data for 20 million indicators using your browser. Since 2009, South Korea has improved … With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.2% in 2009. Combined with a market‐oriented reform, the North Korean economy could grow by approximately 4.7 percent per year over the coming decades. 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. Decreases in sales of motor vehicles, coal and petroleum products were the main drag. WB predicts it to stay at the same level, IMF and UN expect the rise after the fall in 2019. 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. 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. For 50 years (1960-2010), the country’s GDP per capita at constant prices (i.e. 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. 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. 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