South Korea GDP Trends from 1980 to 2024: A overall increase with some decline Flow

South Korea's GDP changed from approximately $65B 367M in 1980 to $1T 760B in 2024, showing an overall 2593.9% sharply increased during the period.
The lowest GDP was recorded in 1980 at $65B 367M, and the highest in 2021 at $1T 818B.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 7.8%.
For comparison, the average annual growth rate of Japan was 3.0%, and that of China was 9.8%.

Overview of South Korea's GDP (1980–2024)

The Gross Domestic Product (GDP) of South Korea recorded a 2593.9% sharply increased from 1980 to 2024.
The average GDP during this period was $826B 66M, and the median was $626B 989M.
GDP fluctuated within a range of $1T 753B, with a standard deviation of $588B 597M.
The average annual change was $43B 975M.


South Korea GDP from 1980 to 2024

The total market value of goods and services produced annually in South Korea.

Change Chart

    Highest and Lowest GDP Records

    • Lowest GDP: 1980, $65B 367M
    • Highest GDP: 2021, $1T 818B
    • Most Recent GDP: 2024, $1T 760B

    Notable Annual GDP Changes

    • 2010: Significant increase in GDP
    • 1998: Noticeable drop in GDP

    Overall pattern: overall increase with some decline


    Global Economic Events and South Korea's GDP

    COVID-19 Pandemic (2020)

    • Period: From 2019 to 2020
    • GDP Change: $1T 651B → $1T 644B
    • Outcome: remained stable

    2008 Global Financial Crisis

    • Period: From 2007 to 2009
    • GDP Change: $1T 172B → $943B 739M
    • Outcome: sharply declined

    2001 Dot-com Bubble Burst

    • Period: From 2000 to 2001
    • GDP Change: $576B 483M → $547B 743M
    • Outcome: declined

    1998 Asian Financial Crisis

    • Period: From 1997 to 1998
    • GDP Change: $570B 594M → $382B 855M
    • Outcome: sharply declined

    Key Economic Indicators of South Korea (1980–2024)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    1980
    $ 65B 367M
    $ 1,714.62
    $ 2,169.46
    $ 82B 708M
    -1.646 %
    -10.55 %
    25.11 %
    0 %
    38M 124K people
    1981
    $ 72B 934M
    $ 1,883.46
    $ 2,507.36
    $ 97B 93M
    7.246 %
    -8.895 %
    24.52 %
    0 %
    38M 723K people
    1982
    $ 78B 349M
    $ 1,992.29
    $ 2,840.05
    $ 111B 689M
    8.338 %
    -7.187 %
    26.42 %
    0 %
    39M 326K people
    1983
    $ 87B 761M
    $ 2,198.94
    $ 3,297.07
    $ 131B 586M
    13.376 %
    -4.095 %
    30.09 %
    0 %
    39M 910K people
    1984
    $ 97B 511M
    $ 2,413.29
    $ 3,730.20
    $ 150B 722M
    10.552 %
    -1.895 %
    32.10 %
    0 %
    40M 406K people
    1985
    $ 101B 296M
    $ 2,482.40
    $ 4,109.15
    $ 167B 677M
    7.839 %
    -2.15 %
    32.05 %
    0 %
    40M 806K people
    1986
    $ 116B 836M
    $ 2,834.89
    $ 4,620.52
    $ 190B 428M
    11.327 %
    2.231 %
    35.43 %
    0 %
    41M 214K people
    1987
    $ 147B 949M
    $ 3,554.62
    $ 5,285.16
    $ 219B 977M
    12.724 %
    5.834 %
    39.18 %
    0 %
    41M 622K people
    1988
    $ 199B 593M
    $ 4,748.68
    $ 6,067.75
    $ 255B 35M
    11.988 %
    6.392 %
    41.44 %
    0 %
    42M 31K people
    1989
    $ 246B 929M
    $ 5,817.06
    $ 6,685.24
    $ 283B 782M
    7.073 %
    1.525 %
    38.73 %
    0 %
    42M 449K people
    1990
    $ 283B 365M
    $ 6,609.98
    $ 7,545.77
    $ 323B 482M
    9.878 %
    -0.99 %
    39.04 %
    0 %
    42M 869K people
    1991
    $ 330B 658M
    $ 7,637.20
    $ 8,556.68
    $ 370B 468M
    10.778 %
    -2.43 %
    39.05 %
    0 %
    43M 296K people
    1992
    $ 355B 516M
    $ 8,126.45
    $ 9,198.09
    $ 402B 398M
    6.199 %
    -0.816 %
    38.15 %
    0 %
    43M 748K people
    1993
    $ 392B 731M
    $ 8,886.39
    $ 9,961.97
    $ 440B 266M
    6.877 %
    0.43 %
    38.21 %
    0 %
    44M 195K people
    1994
    $ 463B 432M
    $ 10,381.18
    $ 11,006.46
    $ 491B 345M
    9.269 %
    -1.034 %
    37.91 %
    0 %
    44M 642K people
    1995
    $ 566B 595M
    $ 12,565.03
    $ 12,194.29
    $ 549B 877M
    9.615 %
    -1.805 %
    37.70 %
    2.68 %
    45M 93K people
    1996
    $ 610B 164M
    $ 13,402.92
    $ 13,270.35
    $ 604B 128M
    7.891 %
    -4.009 %
    35.98 %
    2.778 %
    45M 525K people
    1997
    $ 570B 594M
    $ 12,416.75
    $ 14,198.39
    $ 652B 467M
    6.171 %
    -1.895 %
    36.02 %
    2.811 %
    45M 954K people
    1998
    $ 382B 855M
    $ 8,271.41
    $ 13,523.52
    $ 625B 956M
    -5.129 %
    10.477 %
    37.80 %
    1.763 %
    46M 287K people
    1999
    $ 497B 254M
    $ 10,666.86
    $ 15,179.28
    $ 707B 607M
    11.467 %
    4.381 %
    35.40 %
    2.182 %
    46M 617K people