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2024: GDP growth of 2%. Household spending accounts for 49% of the country's economy
At the end of 2024, VVPYUzhnaya Korea increased by 2% compared to the previous year. The political crisis in the country has a negative impact on the indicators. This was announced on January 23, 2025 by the Bank of Korea.
It is said that in the first quarter of 2024, South Korea's GDP growth on an annualized basis was recorded at 3.3%. In the second quarter of the same year, an increase of 2.3% was noted. In the third and fourth quarters, an increase of 1.5% and 1.2% is shown, respectively. Thus, during 2024, the growth of the country's economy gradually slowed down.
 | Economic sentiment has deteriorated significantly due to political uncertainty that will continue to affect the economy, creating risk factors, a Bank of Korea spokesman said. |  |
Overall, South Korea's 2024 GDP growth is driven in part by digital developments. With advanced ICT infrastructure, fast Internet access and the presence of a number of large IT companies such as Samsung Electronics, SK Hynix, LG Electronics and Naver, the country is one of the world's leading centers for information and communication technologies. South Korea is investing heavily in innovative developments including advanced semiconductor products, next-generation high-speed networks, artificial intelligence, big data, quantum computing and cybersecurity.
Consumer spending in South Korea increased 1.1% year-on-year in 2024.
Government spending rose 1.7%. Investments in means of production increased by 1.8%, in construction - decreased by 2.7%. It is also noted that the export of goods and services increased by 6.9% compared to 2023, while imports increased by 2.4%.[1]
2023
GDP growth of 1.4%. ICT in 8th place in terms of income
At the end of 2023, the All-Russian Foreign Ministry of Korea increased by 1.4%, which is the minimum indicator for a three-year period. For comparison, in 2022 the growth was 2.6%, and in 2021 - 4.3%. Such data at the end of January 2024 was published by the Bank of Korea.
In 2023, investments in construction and infrastructure showed positive dynamics, while the growth of private and public consumption, exports and imports slowed down, the report said. According to Statista estimates, in South Korea, production is in first place in terms of revenues with a result of approximately 530.82 trillion Korean won (about $383.6 billion at the exchange rate as of July 3, 2024). Information and communication technologies are in eighth place with 94.86 trillion Korean won (approximately $68.55 billion).
According to the Institute for Statistical Research and Knowledge Economics of the Higher School of Economics, South Korea for ten years (until 2023) ranks second in the world in terms of research and development costs in GDP (4.9%) after Israel (5.6%). The stability of the indicator is influenced by high innovative business activity and state support for science: in 2013-2023, budget allocations for this item almost doubled - from 17.1 trillion to 30.7 trillion won.
However, some analysts point to certain difficulties that hinder the development of the South Korean economy. Among them are named weakening domestic demand, high interest rates and a sluggish recovery in exports after a downturn in the semiconductor industry.
| | Economic growth in Korea by the end of 2023 was better than expected, but in the short term, export development will slow down, and tough fiscal policy will continue to limit domestic demand, says Shivaan Tandon, a specialist at Capital Economics.[2] | |
Fourteenth in the world in PPP GDP and long-term slowdown
GDP per capita is $55,000 per year and 6 years higher than Japan
2022
GDP estimate - $1.7 trillion
GDP size forecast - $1.8 trillion
2021: GDP size - $1.82 trillion
2020:1% GDP cut
South Korea ended the year of the COVID-19 pandemic with a slightly smaller fall than expected, as sustainable trade and the country's relative success in the fight against coronavirus helped reduce the damage to the economy.
GDP contracted by 1% in 2020, according to the Bank of Korea, which was slightly better than the 1.1% contraction predicted by economists.
The reduction is likely to be the smallest among the members of the Organization for Economic Cooperation and Development.
Over 20 years, South Korea's GDP has grown by 220%.
2019: GDP $1.66 trillion or $32,500 per capita
2018: 1.89% of global GDP, 12th in the world
Notes
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