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 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.

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.

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 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.

South Korea economic growth for 2018 was $2,126, a 1.21% increase from 2018.

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

<li>South Korea economic growth for 2018 was <strong>$2,101</strong>, a <strong>0.97% increase</strong> from 2018.</li>
<li>South Korea economic growth for 2018 was <strong>$2,081</strong>, a <strong>1.32% increase</strong> from 2018.</li>
<li>South Korea economic growth for 2018 was <strong>$2,054</strong>, a <strong>1.4% increase</strong> from 2017.</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.

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.

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.

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...

The Gross Domestic Product (GDP) in North Korea expanded 3.10 percent in the fourth quarter of 2023 over the same quarter of the previous year. This dataset provides - North Korea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

In 2023, South Korea's gross domestic product (GDP) grew by about 1.4 percent compared to the previous year. North Korea's GDP growth rate stood at about 3.1 percent that year, achieving positive growth for the first time after experiencing a period of negative growth during the COVID-19 pandemic.

In 2023, South Korea's nominal gross domestic product (GDP) reached approximately 2,401 trillion South Korean won, while North Korea's amounted to about 40.2 trillion South Korean won. Consequently, South Korea's nominal GDP was approximately 60 times larger than that of North Korea during that year. Moreover, North Korea's GDP growth has been notably minimal when compared to that of South Korea.North Korea's economic development North Korea's economy is centered around its capital city and military, with particular emphasis on the expansion of its nuclear capabilities in recent decades. Roughly 98 percent of foreign trade has been with China in the past decade, from whom North Korea imports large volume of mechanical and electronic goods. Food shortages, exacerbated by the Covid-19 pandemic, are a reoccurring issue for North Korea, as poor harvests, international sanctions, and a downturn in inter-Korean trade have created sourcing problems - the full extent of this issue remains unknown, but it is estimated that almost half the population is undernourished. Kaesong Industrial ComplexThe Kaesong Industrial Complex project began in 2000 and was a crucial part of South Korea's efforts to improve relations with North Korea. It aimed to foster cooperation between the two Koreas and promote stability in the region. The industrial park, located in Kaesong, North Korea, was intended to provide a platform for small and medium-sized South Korean companies. South Korea would provide the necessary capital and infrastructure, while North Korean workers would be tasked with manufacturing products, aiming to stimulate economic growth on both sides of the border. Unfortunately, the complex was affected by tensions between the two Koreas and shut down in 2016. It has not been reopened since.

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.

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.

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.

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.

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.

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.