The statistic shows the growth of the real gross domestic product (GDP) in South Korea from 1954 to 2024, with projections up until 2030. GDP is the total value of all goods and services produced in a country in a year. 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. In 2024, the real GDP in South Korea grew by about 2.03 percent compared to the previous year.

The Gross Domestic Product (GDP) in South Korea expanded 0.60 percent in the second quarter of 2025 over the previous quarter. This dataset provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in South Korea expanded 0.50 percent in the second quarter of 2025 over the same quarter of the previous year. This dataset provides - South Korea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In the fourth quarter of 2024, South Korea's real gross domestic product (GDP) increased by *** percent year-on-year. South Korea's economy recorded negative growth following the outbreak of the COVID-19 pandemic but recovered quickly thereafter.

The Gross Domestic Product (GDP) in South Korea was worth 1712.79 billion US dollars in 2023, according to official data from the World Bank. The GDP value of South Korea represents 1.62 percent of the world economy. This dataset provides - South Korea GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This data package includes the underlying data to replicate the charts and calculations presented in Migration or stagnation: Aging and economic growth in Korea today, the world tomorrow, PIIE Working Paper 24-18.

If you use the data, please cite as:

Clemens, Michael. 2024. Migration or stagnation: Aging and economic growth in Korea today, the world tomorrow. PIIE Working Paper 24-18. Washington: Peterson Institute for International Economics.

As of May 2024, real gross domestic product (GDP) growth in South Korea was forecasted at *** percent for 2024 and *** percent for 2025. The coronavirus (COVID-19) adversely affected the South Korean economy, which, however, quickly recovered as early as 2021.

Key information about South Korea Real GDP Growth

• The Gross Domestic Product (GDP) in South Korea expanded 1.3 % YoY in Dec 2022, following a growth of 3.1 % in the previous quarter.
• Real GDP Growth YoY data in South Korea is updated quarterly, available from Mar 1961 to Dec 2022, with an average rate of 7.1 %.
• The data reached an all-time high of 19.9 % in Dec 1969 and a record low of -7.3 % in Jun 1998.

• In the latest reports, Nominal GDP of South Korea reached 396.4 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 0.4 % in Dec 2022.
• GDP Per Capita in South Korea reached 32,236.8 USD in Dec 2022.
• Its Gross Savings Rate was measured at 34.0 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 34.9 % in Dec 2022.
• Public Consumption accounted for 18.4 % in Dec 2022.
• Private Consumption accounted for 49.0 % in Dec 2022.

The latest data from show economic growth of 0.5 percent, which is an increase from the rate of growth of 0 percent in the previous quarter and
a decrease compared to the growth rate of 2.2 percent in the same quarter last year. The economic growth time series for South Korea cover the period...

Economic growth, quarterly in South Korea, June, 2025 The most recent value is 0.6 percent as of Q2 2025, an increase compared to the previous value of -0.2 percent. Historically, the average for South Korea from Q2 1960 to Q2 2025 is 1.65 percent. The minimum of -7 percent was recorded in Q1 1998, while the maximum of 7.8 percent was reached in Q4 1970. | TheGlobalEconomy.com

South Korea: Economic growth forecast: The latest value from 2030 is 1.84 percent, a decline from 1.95 percent in 2029. In comparison, the world average is 3.25 percent, based on data from 182 countries. Historically, the average for South Korea from 1980 to 2030 is 5.27 percent. The minimum value, -4.94 percent, was reached in 1998 while the maximum of 13.47 percent was recorded in 1983.

Key information about South Korea Nominal GDP Growth

• South Korea Nominal GDP Growth was reported at 5.415 % in Dec 2024.
• This records an increase from the previous number of 4.972 % for Sep 2024.
• South Korea Nominal GDP Growth data is updated quarterly, averaging 14.321 % from Mar 1961 to Dec 2024, with 256 observations.
• The data reached an all-time high of 49.069 % in Sep 1963 and a record low of -5.040 % in Dec 1998.
• South Korea Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

Full Year GDP Growth in South Korea increased to 2 percent in 2024 from 1.36 percent in 2023. This dataset includes a chart with historical data for South Korea Full Year Gdp Growth.

South Korea: Economic growth: the rate of change of real GDP: The latest value from is percent, unavailable from percent in . In comparison, the world average is 0.00 percent, based on data from countries. Historically, the average for South Korea from to is percent. The minimum value, percent, was reached in while the maximum of percent was recorded in .

South Korea Potential(GDP) Gross Domestic ProductGrowth: Volume data was reported at 1.978 % in 2026. This records a decrease from the previous number of 2.025 % for 2025. South Korea Potential(GDP) Gross Domestic ProductGrowth: Volume data is updated yearly, averaging 4.421 % from Dec 1986 (Median) to 2026, with 41 observations. The data reached an all-time high of 9.644 % in 1990 and a record low of 1.978 % in 2026. South Korea Potential(GDP) Gross Domestic ProductGrowth: Volume data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s South Korea – Table KR.OECD.EO: GDP: Potential Output and Output Gap: Forecast: OECD Member: Annual. GDPVTR_ANNPCT - Potential output, volume, growth. Percentage change compared to the previous period. Quarterly growth expressed at annual rate.

In 2024, South Korea's gross domestic product (GDP) increased by two percent compared to the previous year, while the manufacturing sector grew by approximately **** percent. The manufacturing sector plays a significant role in the South Korean economy and has been a key driver of rapid economic growth over the past few decades. Although manufacturing made vital contributions during the COVID-19 pandemic, its overall impact has slowed in recent years.

In 2023, services contributed around 58.42 percent to South Korea's gross domestic product (GDP), while 31.59 percent came from South Korea’s industry sector, and a little less than two percent of South Korea’s GDP was generated by the country’s agriculture sector. South Korea’s services sector employed over 70 percent of the South Koreans workforce in 2018 . South Korea’s workforce Much of the over 51 million inhabitants of South Korea are employed, and the unemployment rate is expected to remain under four percent through 2024. South Korea is experiencing the effects of an aging labor force, with a decrease in population share of people entering the work force, and a simultaneous increase of the number of those aged 65 years and above. Despite that, the country’s economy has remained a powerhouse, growing at around 2.5 percent from 2018 to 2019. The South Korean economy South Korea is known as an economic success story; it rose from one of the poorest countries before the 1960’s to a developed country with a high income level. Overall, South Korea’s total GDP was estimated to be approximately 1.7 trillion U.S. dollars in 2019, and is expected to continue to increase through 2024. South Korea is considered to be one of the core economies driving the next generation of economic growth, alongside the BRIC countries (Brazil, Russia, India, and China).

In 2023, South Korea's gross domestic product (GDP) grew by about *** percent compared to the previous year. North Korea's GDP growth rate stood at about *** percent that year, achieving positive growth for the first time after experiencing a period of negative growth during the COVID-19 pandemic.

Korea GDP: Growth: Gross Value Added: Services data was reported at 2.443 % in 2016. This records a decrease from the previous number of 2.892 % for 2015. Korea GDP: Growth: Gross Value Added: Services data is updated yearly, averaging 5.918 % from Dec 1971 (Median) to 2016, with 46 observations. The data reached an all-time high of 10.283 % in 1988 and a record low of -3.941 % in 1998. Korea GDP: Growth: Gross Value Added: Services data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Korea – Table KR.World Bank: Gross Domestic Product: Annual Growth Rate. Annual growth rate for value added in services based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Services correspond to ISIC divisions 50-99. They include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

Abstract South Korea showed high and rapid economic growth particularly between 1960 and 1980 along with an upgrading of its industrial park and strong insertion into international trade. There are three major theoretical perspectives which provide interpretations of the reasons that led Korea to succeed: 1) Supporters of mainstream economics - defenders of market principles; 2) the current endogenous heterodox defending the state's role as a central element; 3) the third perspective claims that the external scenario is the main reason for Korea’s success. In this article, a central hypothesis is developed - based upon the economic fundamentals of the Unicamp School of thought - defending the hypothesis that the advancement of the Korean economy, their deep structural transformation and upgrading in foreign trade, was only possible because of an initially favorable external context due to a set of historical characteristics that distinguish them from other economies of late industrialization as to aspects of domestic policy.