South Korea GDP Growth Rate

Last Release

Dec 31, 2024

Actual

0.1

Units In

0.1

Frequency

Quarterly

Next Release

Mar 04, 2025

Time to Release

1 Months 9 Days 5 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 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.