South Korea GDP Growth Revised Up To 0.5% QoQ in Q4


The South Korean economy expanded 0.5 percent on quarter in the last three months of 2016, beating preliminary estimates of a 0.4 percent growth. The final print mimicked the 0.5 percent expansion in Q3 as construction and services rose faster than anticipated, final figures showed.

Services edged up 0.2 percent, compared to a flat reading in the preliminary estimate (0.6 percent in Q3); construction rose 1.3 percent, above 0.5 percent in the preliminary figures (2.3 percent in Q3) and manufacturing went up 1.8 percent, matching initial estimates (-0.4 percent in Q3). In addition, utilities fell 3 percent, compared to a 4.3 percent drop initially estimated (+3.4 percent in Q3) and agriculture declined 1.8 percent, less than a 2.8 percent drop in the preliminary estimates (-1.9 percent in Q3). 

On the expenditure side, private consumption expanded 0.2 percent, the same as in earlier estimates (0.6 percent in Q3) while public spending rose at a slightly faster 0.6 percent compared to a preliminary of 0.5 percent (0.9 percent in Q3). Gross fixed capital formation went up 1 percent, above a preliminary of 0.8 percent (1.5 percent in Q3). Exports contracted 0.1 percent, matching preliminary figures (+1 percent in Q3) while imports edged down 0.1 percent, compared to preliminary estimates of a 0.2 percent gain (+2.6 percent in Q3). 

Year-on-year, the economy advanced 2.4 percent, also above 2.3 percent in the first figures but below 2.6 percent in the previous quarter. Considering full 2016, GDP growth was revised up to 2.8 percent from 2.7 percent and slightly above the central bank growth target of 2.7 percent. In 2015, the economy advanced 2.8 percent.

South Korea GDP Growth Revised Up To 0.5% QoQ in Q4


Mario | mario@tradingeconomics.com
3/28/2017 12:41:44 PM