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South Korea GDP Annual Growth Rate

South Korea's GDP annual growth rate fell to 1.36% in 2023, down from 2.61% in 2022, according to World Bank. This represents a decrease of 1.25% from the previous year. South Korea has GDP annual growth rate lower than the global median (1.36% vs median 3.24%). Compared with the median in Asia, South Korea is lower (1.36% vs regional median 3.76%) and ranks 37th out of 47 countries in Asia.

South Korea's real GDP rose to $1.76 trillion in 2023, up from $1.74 trillion in 2022.

Yearly Historical Data (1961-2023)

(in %)
Year GDP Annual Growth Rate (%)
2023 1.36%
2022 2.61%
2021 4.3%
2020 -0.71%
2019 2.24%
2018 2.91%
2017 3.16%
2016 2.95%
2015 2.81%
2014 3.2%
2013 3.16%
2012 2.4%
2011 3.69%
2010 6.8%
2009 0.79%
2008 3.01%
2007 5.8%
2006 5.26%
2005 4.31%
2004 5.2%
2003 3.15%
2002 7.73%
2001 4.85%
2000 9.06%
1999 11.47%
1998 -5.13%
1997 6.17%
1996 7.89%
1995 9.61%
1994 9.27%
1993 6.88%
1992 6.2%
1991 10.78%
1990 9.88%
1989 7.07%
1988 11.99%
1987 12.72%
1986 11.33%
1985 7.84%
1984 10.55%
1983 13.38%
1982 8.34%
1981 7.25%
1980 -1.65%
1979 8.67%
1978 10.95%
1977 12.34%
1976 13.22%
1975 7.84%
1974 9.51%
1973 14.9%
1972 7.21%
1971 10.55%
1970 10.05%
1969 14.56%
1968 13.17%
1967 9.08%
1966 11.99%
1965 7.32%
1964 9.47%
1963 9.02%
1962 3.9%
1961 6.94%
South Korea GDP Annual Growth Rate : Definition
GDP Annual Growth Rate measures the yearly percentage change in South Korea's total economic output.
Indicator Last Value Prior Value Period
GDP $1.71T $1.67T 2023
GDP Growth Rate (QoQ) 0.7% -0.2% Jun'25
GDP Growth Rate (YoY) 0.6% 0% Jun'25
GDP per Capita $34,121.02 $33,690.38 2023
GDP per Capita PPP $50,414.21 $49,777.93 2023
R&D Expenditure (% GDP) 5.21% 4.91% 2022
Real GDP $1.76T $1.74T 2023