It is considered to be a very important indicator of the economic strength of a country and a change in it is a sign of economic growth. South Korea … South Korea’s GDP rebounded 1.9 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase. However, opponents of state intervention note that this increase was mainly due to export orientation of the economy, and its pace could have been higher without state intervention. South Korea’s GDP contracted 1.3 percent on an annual basis in the third quarter of 2020 following a 2.7 percent contraction in the previous period, preliminary data showed. Current South Korea GDP Growth Rate is 2.83%. South Korean Shares Surge 6.51% For The Week, South Korea Current Account Surplus Widens, South Korea Manufacturing PMI Nears Decade High, South Korea Export Growth Beats Estimates, South Korea Inflation Edges Down to 0.5% YoY, South Korea Construction Output Declines 0.8% YoY, South Korea Industrial Output Rebounds 0.5% YoY, South Korea Business Confidence Falls 3 Points, South Korea Consumer Confidence Sheds 8 Points, Egypt Inflation Rate Eases to 5.4% in December, FDI into the Philippines Smallest in 6 Months, Brazilian Shares Finish at New Record High, WTI Crude Books Big Weekly Gain after Saudi Arabia Cut. Also, services expanded 0.9 percent (vs 0.7 percent prel) after falling 0.9 percent. South Korea Q2 GDP Annual Growth Rate at 2%: Sep 2, 2019: 23:32: South Korea Consumer Prices Unexpectedly Unchanged: Jul 25, 2019: 08:17: South Korea Economy Expands 2.1% YoY in … Exports recovered significantly from the blow dealt by the pandemic in Q2, falling at a much softer rate. The Trading Economics Application Programming Interface (API) provides direct access to our data. Listed below are items related to Republic of Korea. The BOK – customarily optimistic – expects growth of 2.1% and the Asia Development Bank forecasts 1.2%. It was the worst contraction since the last quarter of 1998, as exports plunged 13.6 percent due to worldwide coronavirus-induced lockdowns and economic shutdown. Moreover, fixed investment gained steam, growing at a faster pace than in Q2. On a quarterly basis, activity rebounded 1.9 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase. Definition: This entry gives GDP growth on an annual basis adjusted for inflation and expressed as a percent. On the expenditure side, consumption dropped further (-2.3 percent vs -1.3 percent in Q2), whereas gross fixed capital formation gained steam (2.6 percent vs 1.9 percent). Also Show. $1820.17. Recent swings in the Korean won are down to almost exclusively non-domestic factors: the growing expectation of Fed easing, ever-declining US Treasury yields, and some sense of relief following the G20 meeting which averted even greater tariff rates on China or retaliation. For measuring the growth rate of GDP in terms of volumes, the GDP at current prices are valued in the prices of the previous year and the thus computed volume changes are imposed on the level of a reference year; this is called a chain-linked series. On an annual basis, the GDP fell by 1.1 percent after dropping by 2.7 percent. 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). GFCF by asset. After GDP growth of 2% in 2019 – South Korea’s lowest annual rate in a decade – this year, Korea is expected by many market watchers to suffer its first recession since the Asian financial crisis of 1998. G20 - Quarterly Growth Rates of GDP in volume. More; lower. South Korea GDP shrank 3.3 percent quarter-on-quarter in the second quarter of 2020, following a 1.3 percent decline in the previous period and worse than market forecasts of a 2.3 percent fall. A strong manufacturing industry which has turned South Korea into a major exporter accounts for 32 percent of GDP. But most outlooks are negative. On the expenditure side, consumption dropped 1.3 percent after declining 1.7 percent, dragged by private spending (-4 percent). On the other hand, private spending rebounded (1.4 percent), boosted by purchases of durable goods while government cash handouts helped to increase spending on restaurants, clothes and leisure activities. 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