Description
South Korea Nominal Gross Domestic Product (GDP) in US Dollars is released by the Bank of Korea (BOK). Nominal GDP measures the total market value of all final goods and services produced within a country without adjusting for inflation. It is commonly used to compare the economic performance of different countries and track a country's economic growth over time. A higher Nominal GDP suggests a larger economy and potentially a higher standard of living, while a lower Nominal GDP might indicate economic challenges.
Nominal GDP is calculated by summing the market value of all final goods and services produced in a country during a specific period, without adjusting for inflation. It includes consumption, investment, government spending, and net exports (exports minus imports).
The data is updated quarterly, with preliminary estimates released approximately one month after the end of the quarter and final estimates released about two months after the quarter's end.