South Korea GDP Growth Revised Down to 0.8% QoQ in Q1


In the first quarter of 2013, South Korean GDP grew a seasonally adjusted 0.8 percent quarter-on-quarter, up from the 0.3 percent gain in the last three months of 2012, according to preliminary estimates released by The Bank of Korea. The latest figure, the strongest in a year, is slightly lower than the advance GDP estimates in April of 0.9 percent quarterly growth for the first quarter. Private consumption, investment and exports were slightly revised down from April's preliminary reading.

On the production side, manufacturing grew by 1.3 percent owing to the increase in sub-sectors such as petroleum, coal and chemical products, electrical and electronic devices and ships. 

Construction increased by 4.0 percent, led by building construction and civil engineering.

Services grew by 0.7 percent, owing to gains in transport & storage, information & communication and health and social work sectors.

Agriculture, forestry & fishing decreased by 4.4 percent, due to sluggish fishing sector.

On the expenditure side, private consumption decreased by 0.4 percent, as expenditures on goods such as durables and semi-durables declined.

Facilities investment grew by 2.6 percent, led by investment in machinery and transport equipment. Construction investment increased by 4.1 percent, centering around residential building construction and civil engineering.

Exports grew by 3.0 percent and imports by 2.5 percent, led respectively by exports of petrochemical products and imports of electrical machine and petrochemical products.

Year-on-year, the GDP expanded by 1.5 percent in the first three months of 2013, the same rate unveiled in the advance estimate.

South Korea GDP Growth Revised Down to 0.8% QoQ in Q1


The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
6/7/2013 10:42:06 AM