GDP (annual) in South Korea

Annual Gross Domestic Product (GDP) measures the value of all final goods and services produced in South Korea over a year. It is the broadest gauge of its economy, published by the Bank of Korea.

It is estimated from the expenditure, output and income sides following international standards. It is released in real terms (at constant prices), with the usual reading being the year-on-year (YoY) change aggregating quarterly data, where industrial exports carry heavy weight.

Korea is a key exporting economy and its GDP is read as a leading gauge of global trade and the technology cycle (semiconductors). Stronger-than-expected growth supports the won and shapes Bank of Korea policy; the reading moves Asian markets.

Annual GDP is released with a lag and the quarterly estimates that make it up are revised (advance, preliminary and final), so the first reading is not firm. Its heavy reliance on exports makes it very sensitive to demand from China and the US and to the semiconductor cycle.