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Korea, Rep. General government final consumption expenditure (annual % growth)
What is Korea, Rep.'s general government final consumption expenditure (annual % growth)? As of 2023, it's 1.9%, down from 4.3% in 2014.
Author: Wantstats Research TeamSource: World Bank and Wantstats Repository
| Label | General government final consumption expenditure (annual % growth) |
|---|---|
| 2014 | 4.3392% |
| 2015 | 3.9087% |
| 2016 | 4.2887% |
| 2017 | 3.7154% |
| 2018 | 5.4464% |
| 2019 | 6.4151% |
| 2020 | 5.2151% |
| 2021 | 5.6374% |
| 2022 | 4.0461% |
| 2023 | 1.9368% |
Data Source: World Bank and Wantstats Repository
Korea, Rep. General government final consumption expenditure (annual % growth): Key Points
- The 2014-2023 run puts Korea, Rep.'s general government final consumption expenditure at 1.94 % by the end, down from 4.34 % at the start — a fall of some 55%.
- 2018: spikes to 5.45 % (+47%).
- 2020: falls to 5.22 % (-19%).
- 2022: down to 4.05 % (-28%).
- 2023: drops hard to 1.94 % (-52%).
- Where it lands: 1.94 % in 2023, a 55.4% drop from the 2014 starting line.
Why There's No Clean Trend Here
Don't anchor on the most recent year. With this much back-and-forth, the latest reading is one data point among several similarly-weighted ones, not the start of a new trend.
The 2020 dip lands in the one year that disrupted almost every kind of economic activity worldwide — 2020. That doesn't prove COVID-19 caused this specific move, but it's a reasonable first place to look before assuming something else did.
This kind of indicator is almost never measured continuously — it's estimated from periodic data collection, published and later revised by Korea, Rep.'s statistical authority. Direction is the reliable part; individual years less so.
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Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.