South Korea GDP Growth Revised Up to 0.8% QoQ


The South Korean economy advanced 0.8 percent on quarter in the three months to June of 2016, higher than a 0.5 increase in the previous period and better than a 0.7 percent growth in the preliminary estimate. It is the highest growth rate in three quarters as private spending, investment and exports rose more than initially estimated, final figures showed.

Private consumption rose 1 percent, rebounding from a 0.2 percent fall in the first quarter and better than a 0.9 percent increase in the preliminary estimate, boosted by spending on durable goods such as automobiles. In contrast, public expenditure edged up 0.1 percent, slowing sharply from a 1.3 percent rise in the first quarter and a 0.2 percent increase in the preliminary estimate.
 
Gross fixed capital formation jumped at a faster 2.7 percent (2.6 percent in the preliminary estimate), following a 1.2 percent increase in the first quarter and reaching the highest growth rate in a year. Investment in facilities such as transport equipment and machinery increased 2.8 percent (2.9 percent, in the preliminar estimate), recovering from a 7.4 percent decline in the first quarter; intellectual property products such as software went up 1.5 percent (1.1 percent in the preliminary estimate), much higher than a 0.3 percent rise in the previous period and construcion investment went up 3.1 percent (2.9 percent in the preliminary estimate), slowing from a 6.8 percent rise in the previous period.
 
Exports grew at a faster 1.1 percent (0.9 percent in the preliminary estimate), recovering from a 1.1 percent fall in the previous period, as sales of goods such as semiconductors, petroleum and chemical products increased. Imports rose 2.1 percent (1.9 percent in the preliminary estimate) after slumping 3.1 percent, mainly due to crude oil and automobiles.
 
Year-on-year, the economy advanced 3.3 percent, better than 2.8 percent in the first quarter and higher than 3.2 percent in the preliminary estimate. 

South Korea GDP Growth Revised Up to 0.8% QoQ


Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
9/2/2016 12:22:49 AM