---
source: Bank of Korea
url: https://www.bok.or.kr/eng/bbs/E0000634/view.do?nttId=10097645&depth=400007&pageUnit=10&pageIndex=1&programType=newsDataEng&menuNo=400423&oldMenuNo=400423
document_type: pdf
date_retrieved: 2026-04-22T23:05:00Z
period: Q1 2026
parent_publication: Real Gross Domestic Product: First Quarter of 2026 (Advance Estimate)
indicators_covered: ["GDP Growth Rate QoQ", "GDP Growth Rate YoY"]

# Real Gross Domestic Product: First Quarter of 2026 (Advance Estimate)
**National Accounts**  **PRESS RELEASE**  Embargoed until April 23, 2026, at 8 a.m.

2026-04-23

Jae-jin Lee: (82-2) 759-5239 (production) jjlee1121@bok.or.kr
M i-ran Seok: (82-2) 759-5464 (expenditure) mee17@bok.or.kr

## Quarter-on-quarter

Real gross domestic product (chained volume measure of GDP) increased by **1.7 percent** in the first quarter of 2026 compared to the previous quarter.
Real gross domestic income (GDI) increased by **7.5 percent** compared to the previous quarter.
On the expenditure side:
- Private consumption grew by **0.5 percent**, as expenditures on goods (e.g., clothing) increased.
- Government consumption rose by **0.1 percent** with increased expenditures on goods.
- Construction investment rose by **2.8 percent** as building construction and civil engineering both increased.
- Facilities investment rose by **4.8 percent**, as machinery and transportation equipment both increased.
- Exports increased by **5.1 percent**, as exports of IT items (e.g., semiconductors) increased. Imports were up by **3.0 percent**, mainly due to increases in machinery & equipment and in motor vehicles.

### Growth Rates by Component of Expenditure
(at chained 2020 year prices) (S.A. series, percentage change over previous quarter)

| Indicator | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 |
|---|---|---|---|---|---|---|---|---|---|
Gross Domestic Product | 1.2 | -0.2 | 0.1 | 0.1 | -0.2 | 0.7 | 1.3 | -0.2 | 1.7
Final consumption expenditure | 0.6 | 0.2 | 0.5 | 0.3 | -0.1 | 0.7 | 1.3 | 0.6 | 0.4
(Private) | 0.5 | 0.0 | 0.4 | 0.2 | -0.1 | 0.5 | 1.3 | 0.3 | 0.5
(Government) | 0.9 | 0.8 | 0.9 | 0.4 | 0.0 | 1.2 | 1.3 | 1.3 | 0.1
Gross fixed capital formation | 2.2 | -1.9 | -0.1 | -1.4 | -1.1 | -1.0 | 1.4 | -2.2 | 2.9
(Construction) | 4.5 | -3.3 | -3.6 | -4.1 | -3.1 | -1.2 | 0.6 | -3.5 | 2.8
(Facilities) | -1.0 | 0.0 | 5.4 | 0.8 | -0.4 | -2.1 | 2.6 | -1.7 | 4.8
(Intellectual property products) | 1.9 | -1.3 | -0.2 | 0.9 | 1.5 | 0.8 | 1.2 | -0.5 | 0.5
Exports of goods & services | 1.3 | 1.5 | 0.0 | 0.6 | -0.6 | 4.5 | 2.1 | -1.7 | 5.1
(Goods) | 1.3 | 1.5 | -0.1 | 0.0 | -1.5 | 5.2 | 1.8 | -1.6 | 5.6
(Services) | 1.8 | 1.7 | 0.6 | 3.4 | 3.7 | 1.4 | 3.4 | -1.9 | 2.6
Imports of goods & services | -0.3 | 1.6 | 1.3 | 0.2 | -1.1 | 4.2 | 2.0 | -1.5 | 3.0
(Goods) | -0.2 | 1.8 | 1.7 | 0.0 | -2.4 | 3.1 | 2.8 | -2.6 | 3.4
(Services) | -0.8 | 0.9 | -0.3 | 1.2 | 3.7 | 8.0 | -1.0 | 2.5 | 1.5
Gross Domestic Income | 1.9 | -0.4 | 0.2 | 0.6 | -0.6 | 1.5 | 1.1 | 1.6 | 7.5

*Note: Includes wholesale & retail trade; accommodation & food services; transportation & storage; finance & insurance; real estate; information & communication; business activities; public administration, defense & social security; education; human health & social work; and cultural & other services.*

On the production side:
- Agriculture, forestry & fishing expanded by **4.1 percent**, mainly due to an increase in crop yields.
- Manufacturing expanded by **3.9 percent**, centered on an increase in computer, electronic & optical products.
- Electricity, gas & water supply increased by **4.5 percent**, largely as a result of an increase in water supply, remediation activities.
- Construction expanded by **3.9 percent** as building construction and civil engineering both increased.
- Services expanded by **0.4 percent**, centered on increases in finance & insurance and in cultural & other services.

## Year-on-year

Real GDP (chained volume measure of GDP) increased by **3.6 percent** year-on-year in the first quarter of 2026.

### Growth Rates by Type of Economic Activity and Component of Expenditures
(at chained 2020 year prices) (original series, percentage change over previous year)

| Indicator | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2024 Ann | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2025 Ann | 2026 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Gross Domestic Product | 3.4 | 2.2 | 1.4 | 1.1 | 2.0 | 0.0 | 0.6 | 1.8 | 1.6 | 1.0 | 3.6
Agriculture, forestry & fishing | -1.9 | -1.6 | 0.7 | 4.0 | 0.6 | 4.9 | 1.9 | -3.2 | 2.9 | 1.4 | 2.9
Manufacturing | 6.7 | 5.4 | 3.5 | 2.0 | 4.3 | 0.4 | 2.1 | 3.6 | 1.9 | 2.0 | 6.4
Electricity, gas & water supply | 5.8 | 1.9 | 8.0 | -2.1 | 3.3 | 4.4 | -1.7 | -0.6 | -4.3 | -0.5 | -4.3
Construction | 1.7 | -1.9 | -6.5 | -6.9 | -3.8 | -12.5 | -10.9 | -7.5 | -7.7 | -9.5 | -3.6
Services¹ | 2.0 | 1.6 | 1.4 | 1.5 | 1.6 | 0.7 | 1.3 | 2.3 | 2.7 | 1.7 | 3.3
Final consumption expenditure | 0.8 | 1.3 | 1.8 | 1.6 | 1.4 | 1.0 | 1.4 | 2.2 | 2.5 | 1.8 | 3.0
(Private) | 1.1 | 0.7 | 1.3 | 1.1 | 1.1 | 0.6 | 0.9 | 1.9 | 1.9 | 1.3 | 2.6
(Government) | -0.1 | 2.7 | 3.0 | 3.1 | 2.1 | 2.3 | 2.6 | 3.0 | 4.0 | 3.0 | 4.0
Gross fixed capital formation | 0.6 | -1.2 | -1.1 | -1.2 | -0.8 | -3.8 | -4.1 | -2.1 | -3.0 | -3.2 | 1.3
(Construction) | 1.6 | -1.2 | -6.2 | -6.4 | -3.3 | -13.3 | -11.4 | -7.5 | -7.0 | -9.8 | -1.4
(Facilities) | -2.2 | -2.5 | 6.6 | 5.3 | 1.7 | 5.8 | 3.4 | 1.0 | -1.7 | 2.0 | 3.6
(Intellectual property products) | 2.9 | 0.7 | 0.0 | 1.3 | 1.2 | 0.9 | 3.0 | 4.5 | 3.0 | 2.9 | 2.0
Exports of goods & services | 8.9 | 9.0 | 6.4 | 3.5 | 6.8 | 1.5 | 4.5 | 6.6 | 4.3 | 4.2 | 10.3
(Goods) | 8.3 | 9.1 | 6.1 | 2.7 | 6.4 | -0.1 | 3.5 | 5.5 | 3.8 | 3.2 | 11.2
(Services) | 12.0 | 8.6 | 8.1 | 7.6 | 9.0 | 9.6 | 9.3 | 12.5 | 6.6 | 9.4 | 5.6
Imports of goods & services | -0.7 | 3.3 | 4.6 | 2.9 | 2.5 | 2.1 | 4.5 | 5.4 | 3.4 | 3.8 | 7.7
(Goods) | -4.3 | 1.6 | 4.8 | 3.4 | 1.3 | 1.1 | 2.2 | 3.5 | 0.7 | 1.9 | 6.7
(Services) | 15.5 | 10.3 | 4.0 | 0.9 | 7.3 | 5.6 | 12.9 | 12.4 | 13.6 | 11.2 | 11.5
Gross Domestic Income | 6.4 | 4.7 | 2.7 | 2.2 | 3.9 | -0.1 | 1.5 | 2.5 | 3.5 | 1.9 | 12.3

*Note: 1) Includes wholesale & retail trade; accommodation & food services; transportation & storage; finance & insurance; real estate; information & communication; business activities; public administration, defense & social security; education; human health & social work; and cultural & other services.*

## National Income Statistics

1. **Scope of Measurement**
The national income statistics estimate total economic activity in Korea (i.e., the production and expenditures of all economic agents, including households, enterprises, and the government).
Production boundary: goods are counted as output even when they are not meant for sale (e.g., when they are for self-consumption); whereas in the case of services, non-paid domestic work and personal services (e.g., for self-consumption) are excluded from the production boundary.
Illegal economic activities, such as smuggling, gambling, and prostitution, are likewise currently not included in national income, even though they should be captured as production activities for a comprehensive measurement of production and expenditures.

2. **Methods of Measurement**
Estimation under the output approach (production-side national income) is carried out as follows.
Nominal value-added is derived by first estimating the values of output and intermediate input and then subtracting the value of intermediate input from that of output. If the value of the intermediate input cannot be determined separately, it is calculated using the value-added ratio obtained from the Bank of Korea’s quarterly and annual financial statement analysis reports.
Statistics under the expenditure approach (expenditure-side national income) are estimated directly using a variety of raw data on the amounts of money spent on final products.
Statistics under the income approach (income-side national income) are estimated using a variety of raw data on the distribution of nominal value-added generated by production. Operating surplus, in contrast, is calculated by subtracting compensation of employees and other components from the nominal value-added calculated under the production-side approach.

3. **Dissemination**
The Bank of Korea officially announces five types of sequential national income statistics: "advance" and "preliminary" quarterly estimates; and "Gross National Income (preliminary)," "National Accounts (preliminary)," and "National Accounts (final)" annual estimates.
The "advance" quarterly estimates are released within 28 days of the quarter’s end, and give the first look at Korea’s real GDP, including the rates and amounts of growth by type of economic activity and by component of expenditure. The "preliminary" quarterly estimates provide more detailed analyses (e.g., of GDP valued at current prices by type of economic activity and by component of expenditure, and of GNI and savings and investment ratios) within 70 days of the end of the quarter.
Various consolidated accounts, sectoral accounts and supporting tables are published in the "Gross National Income (preliminary)," "National Accounts (preliminary)," and "National Accounts (final)" annual estimates. "Gross National Income (preliminary)" is released around three months after the relevant year has ended. "National Accounts (preliminary)" and "National Accounts (final)" are released around six months after the relevant year has ended and six months after the following year has ended, respectively.

4. **Notes on Statistical Use**
Due to the non-additive characteristics of real GDP statistics estimated through the chain-weighted method, the total value (i.e., GDP) and those of its components (i.e., the values added by economic activity) do not match except in the reference year and in the following year.
National Income Statistics and National Accounts are derived statistics estimated using various raw data, such as monthly industrial statistics, corporate financial statements, balance of payments, and government finance statistics, which may differ from the raw data in some respects.