South Korea GDP Growth Rate

Last Release

Dec 31, 2024

Actual

0.1

Units In

0.1

Frequency

Quarterly

Next Release

Jun 03, 2025

Time to Release

2 Months 29 Days 1 Hours

Highest	Lowest	Average	Date Range	Source
7.8 Dec 1970	-7 Mar 1998	1.67 %	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 grew by 0.1% quarter-on-quarter in the fourth quarter of 2024, maintaining the same pace as the previous quarter, consistent with the figure given in the advance estimate. On the demand side, private consumption rose by 0.2%, as expenditures on services increased while expenditures on goods decreased. Government consumption grew by 0.7%, with increased expenditures on health care benefits. In terms of investment, construction investment fell by 4.5%, as building construction and civil engineering both decreased. However, facilities investment was up by 1.2%, driven by increased investment in machinery despite decreased investment in transportation equipment. Lastly, exports expanded by 0.8%, mainly due to IT-items such as semiconductors, while imports increased by 0.1%, owing to increased imports of machinery & equipment.