South Korea's economy grew by 0.1% quarter-on-quarter in the fourth quarter of 2024, maintaining the same pace as the previous quarter but falling short of market expectations for a slight acceleration to 0.2%, according to preliminary data. On the demand side, private consumption rose by 0.2%, driven by higher spending on semi-durable goods (e.g., clothing and footwear) and services (e.g., healthcare and education). Government consumption increased by 0.5%, primarily due to higher social security benefits, including healthcare expenditures. In terms of investment, construction investment declined by 3.2%, with decreases in both building construction and civil engineering. However, facilities investment grew by 1.6%, largely due to a rise in spending on machinery, such as semiconductor manufacturing equipment. Exports increased by 0.3%, boosted by higher shipments of IT products like semiconductors, while imports fell by 0.1%, driven by lower demand for motor vehicles and crude oil. source: The Bank of Korea

The Gross Domestic Product (GDP) in South Korea expanded 0.10 percent in the fourth quarter of 2024 over the previous quarter. GDP Growth Rate in South Korea averaged 1.67 percent from 1960 until 2024, 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 January of 2025.

The Gross Domestic Product (GDP) in South Korea expanded 0.10 percent in the fourth quarter of 2024 over the previous quarter. 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.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-12-04 11:00 PM QoQ Final Q3 0.1% -0.2% 0.5% 0.1%
2025-01-22 11:00 PM QoQ Adv Q4 0.1% 0.1% 0.2% 0.2%
2025-03-04 11:00 PM QoQ Final Q4 0.1% 0.5%


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 568971.20 558220.70 KRW Billion Sep 2024

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
0.10 0.10 7.80 -7.00 1960 - 2024 percent Quarterly
SA


News Stream
South Korea's Q4 GDP Growth Falls Short of Expectations
South Korea's economy grew by 0.1% quarter-on-quarter in the fourth quarter of 2024, maintaining the same pace as the previous quarter but falling short of market expectations for a slight acceleration to 0.2%, according to preliminary data. On the demand side, private consumption rose by 0.2%, driven by higher spending on semi-durable goods (e.g., clothing and footwear) and services (e.g., healthcare and education). Government consumption increased by 0.5%, primarily due to higher social security benefits, including healthcare expenditures. In terms of investment, construction investment declined by 3.2%, with decreases in both building construction and civil engineering. However, facilities investment grew by 1.6%, largely due to a rise in spending on machinery, such as semiconductor manufacturing equipment. Exports increased by 0.3%, boosted by higher shipments of IT products like semiconductors, while imports fell by 0.1%, driven by lower demand for motor vehicles and crude oil.
2025-01-22
South Korea Q3 GDP Growth Confirmed at 0.1%
South Korea's economy grew 0.1% quarter-on-quarter in the third quarter of 2024, rebounding from a 0.2% contraction and consistent with the figure given in the advance estimate. The slight growth was driven mainly by modest increases in government and private consumption. On the expenditure side, private consumption grew by 0.5%, as expenditures on goods (e.g. electricity, gas & other fuels, and motor vehicles) and services (e.g. health services and transport services) both increased. Government consumption also rose by 0.6%, with increased social security benefits in kind (e.g. expenditures on health care benefits). Meanwhile, construction investment shrank by 3.6%, while facilities investment increased by 6.5%. Elsewhere, exports fell by 0.2%, as exports of motor vehicles and chemical products decreased, while imports were up by 1.6% as imports of machinery & equipment increased.
2024-12-04
South Korea Economy Grows Less Than Expected in Q3
South Korea's economy grew 0.1% quarter-on-quarter in the third quarter of 2024, rebounding from a 0.2% contraction in the previous quarter but coming in way below forecasts for a 0.5% expansion, preliminary data showed. The slight growth was driven mainly by modest increases in government and private consumption. On the expenditure side, private consumption grew by 0.5%, as expenditures on goods (e.g. motor vehicles, communication equipment) and services (e.g. health services, transport services) increased. Government consumption also rose by 0.6%, with increased social security benefits in kind (e.g. expenditures on health care benefits). Meanwhile, construction investment shrank by 2.8%, while facilities investment increased by 6.9%. Elsewhere, exports fell by 0.4%, as exports of motor vehicles and chemical products decreased, while imports were up by 1.5% as imports of machinery & equipment increased.
2024-10-23