The Gross Domestic Product (GDP) in South Korea expanded 1.20 percent in the fourth quarter of 2024 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.

The Gross Domestic Product (GDP) in South Korea expanded 0.10 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - South Korea GDP 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.

The statistic shows gross domestic product (GDP) of South Korea from 1987 to 2023, 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 2023, South Korea's GDP was around 1.71 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.

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.

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.

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.

Graph and download economic data for Real Gross Domestic Product for Republic of Korea (NGDPRSAXDCKRQ) from Q1 1960 to Q4 2024 about Korea, real, and GDP.

As of the second quarter of 2024, the nominal GDP growth rate for South Korea stood at 5.9 percent. This figure was significantly larger than the private credit growth rate for the same 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.

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 four 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.

As of the second quarter of 2024, South Korea's nominal GDP growth rate stood at 5.9 percent. The figure peaked in the first quarter of 2022 at 8.4 percent.

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.

Key information about South Korea Foreign Direct Investment: % of GDP

• South Korea Foreign Direct Investment (FDI) registered a growth equal to 0.8 % of the country's Nominal GDP in Dec 2024, compared with a growth equal to 1.4 % in the previous quarter.
• South Korea Foreign Direct Investment: % of Nominal GDP data is updated quarterly, available from Mar 1980 to Dec 2024.
• The data reached an all-time high of 2.7 % in Jun 2004 and a record low -0.4 % in Sep 1980.

• In the latest reports of South Korea, Current Account recorded a surplus of 9.6 USD bn in Dec 2024.
• Foreign Direct Investment (FDI) increased by 2.6 USD bn in Jun 2023.
• South Korea Direct Investment Abroad expanded by 7.0 USD bn in Dec 2024.
• Its Foreign Portfolio Investment fell by 4.9 USD bn in Dec 2024.
• The country's Nominal GDP was reported at 429.2 USD bn in Mar 2023.

Key information about South Korea Investment: % of GDP

• South Korea Investment accounted for 30.9 % of its Nominal GDP in Dec 2024, compared with a ratio of 31.1 % in the previous quarter.
• South Korea investment share of Nominal GDP data is updated quarterly, available from Mar 1960 to Dec 2024, with an average ratio of 32.0 %.
• The data reached an all-time high of 43.3 % in Jun 1979 and a record low of -19.1 % in Mar 1964.

• In the latest reports, South Korea GDP expanded 1.0 % YoY in Mar 2023.
• South Korea Nominal GDP reached 429.2 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 1.4 % 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.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Less: Imports of Goods and Services for Korea (NAEXKP07KRA657S) from 1961 to 2024 about Korea, imports, goods, services, real, and GDP.

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 Gross National Product (GNP)

• South Korea Gross National Product (GNP) was reported at 486.925 USD bn in Dec 2024.
• This records an increase from the previous number of 481.994 USD bn for Sep 2024.
• South Korea Gross National Product (GNP) data is updated quarterly, averaging 90.749 USD bn from Mar 1960 to Dec 2024, with 260 observations.
• The data reached an all-time high of 504.693 USD bn in Dec 2021 and a record low of 554.231 USD mn in Sep 1961.

• South Korea Gross National Product (GNP) data remains active status in CEIC and is reported by CEIC Data.
• CEIC converts quarterly Gross National Product into USD. The Bank of Korea provides Gross National Product in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Private Final Consumption Expenditure for Korea (NAEXKP02KRQ659S) from Q1 1961 to Q4 2024 about Korea, consumption expenditures, consumption, private, real, and GDP.