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%.
South Korea GDP from 1980 to 2024
The total market value of goods and services produced annually in South Korea.
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.
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)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | -1.646 % | $ 65B 367M | $ 82B 708M | $ 1,714.62 | $ 2,169.46 | 25.11 % | 38M 124K people | -10.55 % | 0 % |
1981 | 7.246 % | $ 72B 934M | $ 97B 93M | $ 1,883.46 | $ 2,507.36 | 24.52 % | 38M 723K people | -8.895 % | 0 % |
1982 | 8.338 % | $ 78B 349M | $ 111B 689M | $ 1,992.29 | $ 2,840.05 | 26.42 % | 39M 326K people | -7.187 % | 0 % |
1983 | 13.376 % | $ 87B 761M | $ 131B 586M | $ 2,198.94 | $ 3,297.07 | 30.09 % | 39M 910K people | -4.095 % | 0 % |
1984 | 10.552 % | $ 97B 511M | $ 150B 722M | $ 2,413.29 | $ 3,730.20 | 32.10 % | 40M 406K people | -1.895 % | 0 % |
1985 | 7.839 % | $ 101B 296M | $ 167B 677M | $ 2,482.40 | $ 4,109.15 | 32.05 % | 40M 806K people | -2.15 % | 0 % |
1986 | 11.327 % | $ 116B 836M | $ 190B 428M | $ 2,834.89 | $ 4,620.52 | 35.43 % | 41M 214K people | 2.231 % | 0 % |
1987 | 12.724 % | $ 147B 949M | $ 219B 977M | $ 3,554.62 | $ 5,285.16 | 39.18 % | 41M 622K people | 5.834 % | 0 % |
1988 | 11.988 % | $ 199B 593M | $ 255B 35M | $ 4,748.68 | $ 6,067.75 | 41.44 % | 42M 31K people | 6.392 % | 0 % |
1989 | 7.073 % | $ 246B 929M | $ 283B 782M | $ 5,817.06 | $ 6,685.24 | 38.73 % | 42M 449K people | 1.525 % | 0 % |
1990 | 9.878 % | $ 283B 365M | $ 323B 482M | $ 6,609.98 | $ 7,545.77 | 39.04 % | 42M 869K people | -0.99 % | 0 % |
1991 | 10.778 % | $ 330B 658M | $ 370B 468M | $ 7,637.20 | $ 8,556.68 | 39.05 % | 43M 296K people | -2.43 % | 0 % |
1992 | 6.199 % | $ 355B 516M | $ 402B 398M | $ 8,126.45 | $ 9,198.09 | 38.15 % | 43M 748K people | -0.816 % | 0 % |
1993 | 6.877 % | $ 392B 731M | $ 440B 266M | $ 8,886.39 | $ 9,961.97 | 38.21 % | 44M 195K people | 0.43 % | 0 % |
1994 | 9.269 % | $ 463B 432M | $ 491B 345M | $ 10,381.18 | $ 11,006.46 | 37.91 % | 44M 642K people | -1.034 % | 0 % |
1995 | 9.615 % | $ 566B 595M | $ 549B 877M | $ 12,565.03 | $ 12,194.29 | 37.70 % | 45M 93K people | -1.805 % | 2.68 % |
1996 | 7.891 % | $ 610B 164M | $ 604B 128M | $ 13,402.92 | $ 13,270.35 | 35.98 % | 45M 525K people | -4.009 % | 2.778 % |
1997 | 6.171 % | $ 570B 594M | $ 652B 467M | $ 12,416.75 | $ 14,198.39 | 36.02 % | 45M 954K people | -1.895 % | 2.811 % |
1998 | -5.129 % | $ 382B 855M | $ 625B 956M | $ 8,271.41 | $ 13,523.52 | 37.80 % | 46M 287K people | 10.477 % | 1.763 % |
1999 | 11.467 % | $ 497B 254M | $ 707B 607M | $ 10,666.86 | $ 15,179.28 | 35.40 % | 46M 617K people | 4.381 % | 2.182 % |