GDP per capita in Korea
Korea - GDP per capita (U.S. Dollars)
Second estimate confirms a sharp contraction in the first quarter
According to a second GDP release from the Bank of Korea, the economy contracted 1.3% in quarter-on-quarter seasonally-adjusted (qoqsa) terms in the first quarter, contrasting the 1.3% expansion in the final quarter of last year and slightly softer than the first estimate of a 1.4% decline. Moreover, the economy grew 1.4% in annual terms in Q1, down notably from 2.3% in the final quarter of last year, but up slightly from the 1.3% expansion previously estimated by the BOK.
The largest drop-off in private consumption since the Asian Financial crisis over two decades ago primarily drove the sharp deterioration in the first quarter (Q1: -6.5% qoq s.a.; Q4: +0.7% qoq s.a.). Moreover, government consumption growth slowed from 1.8% in Q4 last year to 1.4% in Q1, while gross fixed capital formation also softened from 4.7% growth in Q4 to 0.5% growth in Q1.
On the external front, exports of goods and services declined 1.4% quarter-on-quarter, contrasting the previous quarter’s 0.6% expansion. Similarly, imports of goods and services contracted 3.6% in the first quarter, contrasting the fourth quarter’s 0.4% increase.
In May, the Bank of Korea projected the economy would decrease 0.2% in 2020. Meanwhile, last month FocusEconomics panelists penciled in a contraction of 1.1% in 2020, which was down 0.3 percentage points from the prior month’s estimate. In 2021, our panelists saw the economy growing 3.2%.
Korea - GDP per capita (USD) Data
|GDP per capita (USD)||29,254||28,723||29,273||31,555||33,308|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||1.68||1.55 %||Dec 31|
|Exchange Rate||1,156||0.21 %||Dec 31|
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June 2, 2020
According to a second GDP release from the Bank of Korea, the economy contracted 1.3% in quarter-on-quarter seasonally-adjusted (qoqsa) terms in the first quarter, contrasting the 1.3% expansion in the final quarter of last year and slightly softer than the first estimate of a 1.4% decline.
June 1, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) ticked down to 41.3 in May from 41.6 in April, moving slightly further below the 50-threshold that separates an improvement from a deterioration in the manufacturing sector over the previous month. May’s print was driven by the second sharpest fall in output since January 2009 easing a notch from April, due to weak demand, particularly from abroad.
June 1, 2020
Merchandise exports plunged 23.7% year-on-year in May, less steep than the 24.4% drop recorded in April, totaling USD 34.9 billion in May (April: USD 36.6 billion).
May 29, 2020
Industrial production fell 4.5% year-on-year in April (March: +7.4% yoy).
May 29, 2020
The Bank of Korea’s forward-looking business confidence indicator for manufacturers decreased to 49 in June from 50 in May, marking the lowest result since February 2009.