South Korea GDP Growth Rate

Last Release

Sep 30, 2024

Actual

0.1

Units In

-0.2

Frequency

Quarterly

Next Release

Mar 04, 2025

Time to Release

2 Months 27 Days 23 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 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.