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South Korea’s nominal GDP recorded its fastest annual growth in nearly 47 years during the second quarter of 2026, fueled by strong semiconductor exports and rising artificial intelligence investment, according to Bank of Korea data released Tuesday.
Nominal gross domestic product jumped 9.2% quarter-on-quarter in the three months through June and surged 26.4% from a year earlier. The annual increase was the strongest since the third quarter of 1979, when nominal GDP expanded 27.7%.
Real GDP, which adjusts for changes in prices and serves as the primary measure of economic growth, increased 0.6% from the previous quarter. The result matched the Bank of Korea’s preliminary estimate and economists’ expectations. On an annual basis, the economy grew 3.7%, slightly accelerating from 3.6% in the first quarter.
South Korea’s export-driven economy continued to benefit from global demand for semiconductors, machinery and equipment, particularly as investment in AI infrastructure supports demand for advanced chips. Exports increased 1.3% quarter-on-quarter, slowing considerably from the 5.9% expansion recorded during the first quarter.
National income figures also showed substantial gains. Nominal gross national income per capita rose 8.8% from the previous quarter and 26.4% year-on-year. Real GNI climbed 3.1% quarterly and 15.6% annually, marking its strongest year-on-year increase since the fourth quarter of 1988.
The economic momentum has encouraged the Bank of Korea to lift its 2026 GDP growth forecast to 3.3%, citing resilient exports and the continuing semiconductor supercycle. The central bank expects South Korea’s economy to expand 2.9% in 2027 and forecasts consumer inflation of 2.7% this year.
On August 27, the BOK raised its Base Rate by 25 basis points to 3.00%, pointing to stronger economic growth, healthy exports and improving domestic demand.
South Korean financial markets strengthened following the latest economic signals. The won gained around 0.3% against the U.S. dollar, with USD/KRW near 1,340.35, while the benchmark KOSPI advanced 1.16% to 7,076.76.
