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.

The Gross Domestic Product (GDP) in South Korea contracted 0.20 percent in the first 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 statistic shows gross domestic product (GDP) of South Korea from 1987 to 2024, with projections up until 2029. GDP or gross domestic product is the sum of all goods and services produced in a country in a year; it is a strong indicator of economic strength. In 2024, South Korea's GDP was around 1.87 trillion U.S. dollars. See global GDP for a global comparison. South Korea’s economy South Korea is doing quite well economically. It is among the leading export countries worldwide, it mainly exports electronics, automobiles and machinery. South Korea is also one of the leading import countries worldwide. Additionally, it is one of the leading countries with the largest proportion of global domestic product / GDP based on Purchasing Power Parity (PPP). Its GDP has been increasing for the last few years, while the gross domestic product / GDP growth in South Korea has not been steady but increasing since 2009. South Korea is an OECD member and a member of the G20 states. Among the latter, its GDP growth was higher than that of the United States or the European Union in 2013. South Korea is one of the fastest-growing economies worldwide. Its standard of living is also considered to be quite high, the unemployment rate, which is one key factor, has been at around 3 percent, give or take a few percentage points, for the past decade. As a comparison, the United States’ unemployment rate was almost twice, sometimes three times as high as in South Korea during the same period. As for employment, South Korea’s rate is almost the same as that of the United States or France, with more than 60 percent of employed persons in the population.

As of May 2024, real gross domestic product (GDP) growth in South Korea was forecasted at 2.6 percent for 2024 and 2.2 percent for 2025. The coronavirus (COVID-19) adversely affected the South Korean economy, which, however, quickly recovered as early as 2021.

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.

In 2024, the gross domestic product (GDP) produced from the manufacturing sector in South Korea amounted to approximately 611 trillion South Korean won, being the most valuable sector by far compared to other sectors of the country. However, when looking at the combined GDP of all service industry sectors, their total exceeded 1,000 trillion won. This indicates that the service sector collectively plays a crucial role in driving the country's economic growth.

Key information about South Korea GDP Per Capita

• South Korea Gross Domestic Product (GDP) per Capita reached 36,113.000 USD in Dec 2024, compared with 35,569.900 USD in Dec 2023.
• South Korea GDP Per Capita data is updated yearly, available from Dec 1953 to Dec 2024, with an average number of 5,442.300 USD.
• The data reached an all-time high of 37,503.100 USD in Dec 2021 and a record low of 64.230 in Dec 1955.

Related information about South Korea GDP Per Capita data

• In the latest reports, South Korea GDP expanded 1.012 % YoY in Mar 2023.
• South Korea Nominal GDP reached 429.247 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 1.394 % in Mar 2023.
• Gross Savings Rate of South Korea was measured at 29.857 % in Mar 2023.

The Gross Domestic Product (GDP) in South Korea stagnated 0 percent in the first 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 1.2 percent year-on-year. South Korea's economy recorded negative growth following the outbreak of the COVID-19 pandemic but recovered quickly thereafter.

South Korea Gross Domestic Product (GDP) data was reported at 666,270.700 KRW bn in Dec 2024. This records an increase from the previous number of 641,917.700 KRW bn for Sep 2024. South Korea Gross Domestic Product (GDP) data is updated quarterly, averaging 69,938.350 KRW bn from Mar 1960 (Median) to Dec 2024, with 260 observations. The data reached an all-time high of 666,270.700 KRW bn in Dec 2024 and a record low of 48.910 KRW bn in Mar 1960. South Korea Gross Domestic Product (GDP) data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s South Korea – Table KR.A001: SNA08: GDP: by Expenditure: Current Price.

The Gross Domestic Product per capita in South Korea was last recorded at 34121.02 US dollars in 2023. The GDP per Capita in South Korea is equivalent to 270 percent of the world's average. This dataset provides - South Korea GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

South Korea gdp growth rate for 2023 was 1.36%, a 1.26% decline from 2022.

<ul style='margin-top:20px;'>

<li>South Korea gdp growth rate for 2022 was <strong>2.61%</strong>, a <strong>1.69% decline</strong> from 2021.</li>
<li>South Korea gdp growth rate for 2021 was <strong>4.30%</strong>, a <strong>5.01% increase</strong> from 2020.</li>
<li>South Korea gdp growth rate for 2020 was <strong>-0.71%</strong>, a <strong>2.95% decline</strong> from 2019.</li>
</ul>Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

Graph and download economic data for Nominal Gross Domestic Product for Republic of Korea (NGDPSAXDCKRQ) from Q1 1960 to Q4 2024 about Korea and GDP.

Key information about South Korea Private Consumption: % of GDP

• South Korea Private Consumption accounted for 47.7 % of its Nominal GDP in Dec 2024, compared with a ratio of 48.5 % in the previous quarter.
• South Korea Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1960 to Dec 2024, with an average share of 54.3 %.
• The data reached an all-time high of 116.4 % in Mar 1964 and a record low of 46.4 % in Dec 2020.

CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. The Bank of Korea provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about South Korea Private Consumption: % of GDP

• In the latest reports, South Korea GDP expanded 1.0 % YoY in Mar 2023.
• Its Nominal GDP reached 429.2 USD bn in Mar 2023.
• South Korea GDP Per Capita reached 36,113.0 USD in Dec 2024.
• Its Gross Savings Rate was measured at 29.9 % in Mar 2023.

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.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. The Bank of Korea provides Nominal GDP in local currency.

The Gross Domestic Product per capita in South Korea was last recorded at 49995.49 US dollars in 2023, when adjusted by purchasing power parity (PPP). The GDP per Capita, in South Korea, when adjusted by Purchasing Power Parity is equivalent to 281 percent of the world's average. This dataset provides the latest reported value for - South Korea GDP per capita PPP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

GDP, billion currency units in South Korea, March, 2025 The most recent value is 622771.1 billion South Korean Won as of Q1 2025, a decline compared to the previous value of 668933.8 billion South Korean Won. Historically, the average for South Korea from Q1 1960 to Q1 2025 is 163739.64 billion South Korean Won. The minimum of 49.06 billion South Korean Won was recorded in Q1 1960, while the maximum of 668933.8 billion South Korean Won was reached in Q4 2024. | TheGlobalEconomy.com

The gross domestic product (GDP) per capita in South Korea was forecast to continuously increase between 2024 and 2030 by in total 5,762.76 U.S. dollars (+15.95 percent). After the seventh consecutive increasing year, the GDP per capita is estimated to reach 41,891.75 U.S. dollars and therefore a new peak in 2030. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).Find more key insights for the gross domestic product (GDP) per capita in countries like Mongolia, Japan, and Taiwan.

Graph and download economic data for Gross Domestic Product Deflator for Republic of Korea (NGDPDSAIXKRQ) from Q1 1960 to Q4 2024 about Korea and GDP.

South Korea GDP per capita for 2023 was $33,121, a 2.24% increase from 2022.

<ul style='margin-top:20px;'>

<li>South Korea GDP per capita for 2022 was <strong>$32,395</strong>, a <strong>7.77% decline</strong> from 2021.</li>
<li>South Korea GDP per capita for 2021 was <strong>$35,126</strong>, a <strong>10.73% increase</strong> from 2020.</li>
<li>South Korea GDP per capita for 2020 was <strong>$31,721</strong>, a <strong>0.57% decline</strong> from 2019.</li>
</ul>GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.