The South Korean economy advanced 0.9 percent on quarter in the three months to September compared with a 0.5 percent expansion in the previous period and due to a rebound in private consumption and higher construction investment.
On the expenditure side, private consumption expanded by 1.1 percent as expenditures on both semi-durable goods and services increased. Construction investment grew by 2.9 percent, with increases in both building construction and civil engineering. Facilities investment fell by 0.8 percent, due to a decrease in transport equipment investment. Intellectual property products investment expanded by 0.6 percent, centering around software investment.
10/24/2014 12:13:27 AM
South Korean Economy Advances Less than Expected
The South Korean GDP expanded a seasonally adjusted 0.5 percent in the second quarter of 2014 compared with the previous period. Final estimates came below the advance 0.6 percent expansion, as investment and exports grew less than anticipated.
Published on 2014-09-04
South Korea GDP Growth Slows in Q2
The South Korean economy advanced a seasonally adjusted 0.6 percent on quarter in the three months to June, slowing from a 0.9 percent expansion in the previous two quarters. Advance estimates showed private consumption contracted for the first time in five quarters.
Published on 2014-07-24
Exports contracted by 2.6 percent, with decreases in exports of LCDs and chemical products. Imports also decreased by 0.7 percent, owing to declines in imports of machinery, natural gas and transport services.
On the production side, manufacturing shrank by 0.9 percent, mainly due to a decrease in electrical & electronic devices such as LCDs and smartphones. Electricity, gas & water supply rose by 4.7 percent, as the proportion of electricity generated by nuclear power with its low unit-generation costs increased. Construction grew by 1.8 percent, led by its expansion of civil engineering. Services expanded by 1.4 percent, as wholesale & retail trade, restaurants & hotels, transportation & storage, finance & insurance, and health & social work all increased.
Year-on-year, the economy expanded 3.2 percent in the third quarter of 2014.