South Korea GDP Annual Growth Rate

The Gross Domestic Product (GDP) in South Korea expanded 1.20 percent in the fourth quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in South Korea averaged 6.87 percent from 1961 until 2024, reaching an all time high of 20.80 percent in the fourth quarter of 1969 and a record low of -7.30 percent in the second quarter of 1998. source: The Bank of Korea

GDP Annual Growth Rate in South Korea is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

Calendar	GMT	Reference	Actual	Previous	Consensus	TEForecast
2024-12-04	11:00 PM	YoY Final	Q3	1.5%	2.3%	1.5%	1.5%
2025-01-22	11:00 PM	YoY Adv	Q4	1.2%	1.5%	1.4%	1.3%
2025-03-04	11:00 PM	YoY Final	Q4		1.5%		1.2%

Related	Last	Previous	Unit	Reference
GDP Growth Rate YoY	1.20	1.50	percent	Dec 2024
GDP Constant Prices	572855.10	572216.00	KRW Billion	Dec 2024
GDP Growth Rate	0.10	0.10	percent	Dec 2024
Gross Fixed Capital Formation	166284.60	167838.70	KRW Billion	Dec 2024
Gross National Product	567148.70	559480.70	KRW Billion	Sep 2024

South Korea’s economy became one of the most diversified and technologically advanced in the world in the last 50 years. Like in most developed countries, 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.