South Korea GDP Growth Rate

Last Release

Mar 31, 2025

Actual

-0.2

Units In

0.1

Frequency

Quarterly

Next Release

Jun 03, 2025

Time to Release

1 Months 9 Days 10 Hours

Highest	Lowest	Average	Date Range	Source
7.8 Dec 1970	-7 Mar 1998	1.66 %	1960-2025	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 contracted by 0.2% quarter-on-quarter in the first three months of 2025, defying expectations of a modest 0.1% expansion. The downturn comes amid heightened political uncertainty at home and the economic impact of sweeping U.S. tariffs. On the expenditure front, private consumption dipped by 0.1%, primarily driven by reduced spending on services such as entertainment, cultural activities, and healthcare. Government consumption also declined by 0.1%, reflecting lower expenditures on healthcare benefits. Construction investment plunged 3.2%, largely due to a slowdown in building activity. Meanwhile, facilities investment dropped by 2.1%, with a notable decline in purchases of machinery, including semiconductor manufacturing equipment. Exports fell by 1.1%, weighed down by decreased shipments of chemicals and machinery. Imports also dropped by 2.0%, reflecting lower demand for energy products such as crude oil and natural gas.