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.

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).

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.

Historical chart and dataset showing South Korea gdp growth rate by year from 1961 to 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.

The latest data from show economic growth of 0 percent, which is a decrease from the rate of growth of 1.1 percent in the previous quarter and
a decrease compared to the growth rate of 3.4 percent in the same quarter last year. The economic growth time series for South Korea cover the period...

Historical chart and dataset showing South Korea economic growth by year from 1960 to 2018.

South Korea GDP for 2023 was 1.713 trillion US dollars, a 2.32% increase from 2022.

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

<li>South Korea GDP for 2022 was <strong>1.674 trillion US dollars</strong>, a <strong>7.95% decline</strong> from 2021.</li>
<li>South Korea GDP for 2021 was <strong>1.818 trillion US dollars</strong>, a <strong>10.59% increase</strong> from 2020.</li>
<li>South Korea GDP for 2020 was <strong>1.644 trillion US dollars</strong>, a <strong>0.43% decline</strong> from 2019.</li>
</ul>GDP at purchaser's prices 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. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

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.

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.

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 .

Economic growth, quarterly in South Korea, March, 2025 The most recent value is -0.2 percent as of Q1 2025, a decline compared to the previous value of 0.1 percent. Historically, the average for South Korea from Q2 1960 to Q1 2025 is 1.66 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 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.

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.

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.

Korea GDP: Growth data was reported at 3.063 % in 2017. This records an increase from the previous number of 2.929 % for 2016. Korea GDP: Growth data is updated yearly, averaging 7.595 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 14.828 % in 1973 and a record low of -5.471 % in 1998. Korea GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Korea – Table KR.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. 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.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

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: Value added in the agricultural sector as percent of GDP: The latest value from 2023 is 1.6 percent, a decline from 1.64 percent in 2022. In comparison, the world average is 9.91 percent, based on data from 166 countries. Historically, the average for South Korea from 1960 to 2023 is 12.87 percent. The minimum value, 1.6 percent, was reached in 2023 while the maximum of 46.53 percent was recorded in 1964.

Consumption as percent of GDP in South Korea, March, 2025 The most recent value is 50.33 percent as of Q1 2025, an increase compared to the previous value of 47.51 percent. Historically, the average for South Korea from Q1 1960 to Q1 2025 is 59.06 percent. The minimum of 46.39 percent was recorded in Q4 2020, while the maximum of 116.18 percent was reached in Q1 1964. | TheGlobalEconomy.com