South Korea GDP Growth Revised Down to 3.5% YoY in Q2


In the second quarter of 2014, the South Korean economy advanced 3.5 percent year-on-year, slowing from a 3.9 percent expansion in the previous quarter and slightly below the advance estimate.

Preliminary estimates released earlier by the Bank of Korea showed the economy grew an annual 3.6 percent in the second quarter of 2014. 

Final estimates showed private consumption rose 1.5 percent, unchanged from the advance estimate. Government consumption grew at a slightly lower 1.7 percent, compared with an initial estimate of 1.8 percent. Gross fixed capital formation expanded at the same pace compared with the preliminary result at 3.4 percent. Exports advanced 3.7 percent, slightly down from an initial 3.8 percent estimate and imports expanded 3.7 percent, compared with a 3.4 percent advance estimate. 

On the production side, only electricity, water and gas supply expanded at the same level as in the advance estimate (0.7 percent). Agriculture, forestry and fishing grew 3.4 percent, up from the advance estimate of 3 percent; manufacturing (+5.3 percent from +5.4 percent); construction (+0.7 percent from +0.9 percent) and services (+2.7 percent from 2.8 percent) grew at a slower pace.

On a quarter-on-quarter basis, the economy advanced 0.5 percent in the April to June 2014 period, slowing from a 0.9 percent expansion in the previous period

South Korea GDP Growth Revised Down to 3.5% YoY in Q2


Bank of Korea l Rida l rida@tradingeconomics.com
9/4/2014 10:20:17 AM