South Korea GDP Growth Rate

Last Release

Jun 30, 2024

Actual

-0.2

Units In

1.3

Frequency

Quarterly

Next Release

Sep 04, 2024

Time to Release

1 Months 10 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
7.8 Dec 1970	-7 Mar 1998	1.68 %	1960-2024	The Bank of Korea

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.

Latest Updates

South Korea's economy shrank by 0.2% quarter-on-quarter in the second quarter of 2024, following a 1.3% growth in the previous quarter, according to advanced estimates. This marked the first contraction since the fourth quarter of 2022 and missed estimates of a 0.1% rise. On the expenditure side, private consumption fell by 0.2% (vs +0.7% in Q1), as expenditures on goods declined, although expenditures on services increased. Government consumption increased by 0.7% (vs +0.8%), mainly due to a rise in expenditures on goods. Construction investment contracted by 1.1% (vs +3.3%) as residential building construction and civil engineering both fell. Facilities investment declined by 2.1% (vs -2%), driven by lower investments in machinery, despite increased investments in transportation equipment. Exports increased by 0.9%, owing to expanded exports of motor vehicles and chemical products. Imports were up by 1.2%, mainly due to increased imports of crude oil and petroleum products.