International credit rating agency Fitch Ratings’ estimates are negative 0.6 percent and negative 0.9 percent. And the … On the other hand, private spending rebounded (1.4 percent), boosted by purchases of durable goods while government cash handouts helped to increase spending on restaurants, clothes and leisure activities. Publish your articles and forecasts in our website. Year-on-year, the GDP contracted 2.9 percent. Annual percentage growth rate of GDP at market prices based on constant local currency. South Korea’s GDP contracted a downwardly revised 1.1 percent on an annual basis in the third quarter of 2020 following a 2.7 percent contraction in the previous period and compared to a preliminary 1.3 percent decline. South Korea’s economy returns to growth on government spending. Going into 2021, an accommodative monetary policy and an expansionary fiscal stance are set to bolster domestic activity, boding well for the recovery. South Korea’s GDP shrank 3.2 percent quarter over quarter in the three months to June 2020 following a 1.3 percent drop in the previous period, entering a recession due to the negative impact of the COVID-19. Although the unemployment rate is very low (3.8%, IMF, 2019) the number of irregular workers is very high, social inequalities are deepening and social ties are deteriorating. In 2013, the government's expenditure on healthcare was 7.17% of the country's GDP. Exports declined 3.7 percent (vs -13 percent), whereas imports sank 5.3 percent (vs -8.5 percent). World Bank national accounts data, and OECD National Accounts data files. Its overall score has increased by 1.7 points due to higher scores in the rule-of-law pillar. 1961-2020 Data | 2021-2023 Forecast | Calendar. Exports fell 13.5 percent, while imports dropped 8.5 percent. On the expenditure side, consumption edged down 0.1 percent after growing 1.4 percent, while gross fixed capital formation declined further (-1.4 percent vs -0.4 percent). South Korean Shares Surge 6.51% For The Week, South Korea Current Account Surplus Widens, South Korea Manufacturing PMI Nears Decade High, South Korea Export Growth Beats Estimates, South Korea Inflation Edges Down to 0.5% YoY, South Korea Construction Output Declines 0.8% YoY, South Korea Industrial Output Rebounds 0.5% YoY, South Korea Business Confidence Falls 3 Points, South Korea Consumer Confidence Sheds 8 Points, Egypt Inflation Rate Eases to 5.4% in December, FDI into the Philippines Smallest in 6 Months, Brazilian Shares Finish at New Record High, WTI Crude Books Big Weekly Gain after Saudi Arabia Cut. Like in most developed countries, services account for the highest percentage of GDP (around 57 percent of GDP). Imports went down 9.2 percent. Growth Rate Same Period Previous Year Q1 1961 to Q3 2020 (Dec 10) Index 2015=100 Q1 1960 to Q3 2020 (Dec 10) Leading Indicators OECD: Reference Series: Gross Domestic Product: Original Series for the Republic of Korea 2.91% (2018 est.) On an annual basis, the GDP fell by 1.1 percent after dropping by 2.7 percent. In 2018, the GDP growth of South Korea was 2.7 percent whereas that of North Korea decreased 4.1 percent. SEOUL — South Korea’s economy declined 3.3 percent on-year during the second quarter, but it ranks second in terms of gross domestic product growth rate among major economies, data showed Sunday. WB predicts it to stay at the same level, IMF and UN expect the rise after the fall in 2019. G20 - Quarterly Growth Rates of GDP in volume. South Korea GDP - real growth rate GDP - real growth rate: 2.04% (2019 est.) South Korea has the lowest fertility rate in the world of 0.92, meaning that, on average, women are having less than one child. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. It was the worst contraction since the last quarter of 1998, as exports plunged 13.6 percent due to worldwide coronavirus-induced lockdowns and economic shutdown. In each of the last five decades, the average annual rate of growth has exceeded 5% and the economy is now an innovation-driven, high-income country of just under 49 million people with a total GDP in excess of $1 trillion and a per capita income of over $20,000 (PPP adjusted). Exports declined 3.4 percent (vs -13 percent), whereas imports sank 4.6 percent (vs -8.5 percent). Publish your articles and forecasts in our website. South Korea has experienced remarkable success in combining rapid economic growth with significant reductions in poverty. 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