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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
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 |
