Private Consumption in Korea
The Korean economy recorded an average growth rate of 2.0% in private consumption in the decade to 2024, below the 6.4% average for East & South Asia. In 2024, the growth of private consumption was1.1%. For more information on private consumption, visit our dedicated page.
Korea Private consumption Chart
Note: This chart displays Private Consumption (annual variation in %) for Korea from 2014 to 2024.
Source: Macrobond.
Korea Private consumption Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Private Consumption (ann. var. %) | -4.6 | 3.7 | 4.2 | 2.0 | 1.1 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Korean private consumption projections for the next ten years from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Korean private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Korean private consumption projections.
Want to get access to the full dataset of Korean private consumption forecasts? Send an email to info@focus-economics.com.