South Korea GDP Growth Confirmed at 1.1% QoQ in Q2


South Korea's economy grew by a seasonally adjusted 1.1 percent in the second quarter of 2013 over the previous three months, the same figure given in the advanced estimates.

On the production side, manufacturing grew by 0.9 percent owing to the increase in sub-sectors such as electrical and electronic devices, general machinery and precision instruments. Construction increased by 1.4 percent, led by residential building construction and services grew by 0.9 percent.

On the expenditure side, private consumption grew by 0.7 percent, as expenditures on durables such as air conditioners and refrigerators, and non-durables like food increased.

Facilities investment fell by 0.2 percent, owing to the decrease in transport equipment investment such as aircraft, offsetting the increase in machinery investment. Construction investment rose by 3.4 percent, as both building construction and civil engineering expanded.

Exports grew by 1.8 percent led by exports of mobile phones, semiconductors and patent royalties. Imports increased by 1.1 percent.
 
Over a year earlier, South Korea's GDP expanded by 2.3 percent after a 1.5 percent rise in the first quarter.

South Korea GDP Growth Confirmed at 1.1% QoQ in Q2


The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
9/5/2013 12:12:07 AM