South Korea GDP Growth Beats Estimates in Q3
In the third quarter of 2013, South Korean GDP expanded 1.1 percent quarter-on-quarter, advance estimates released by the central bank showed. A rebound in private spending and robust construction investment were enough to offset a drop in exports.
10/25/2013 1:01:56 AM
On the expenditure side, construction investment recorded the highest growth rate of 2.7 percent, with increases in both building construction and civil engineering. Facilities investment rose by 1.2 percent and private consumption increased by 1.1 percent. Exports fell by 0.9 percent, centering around exports of general machinery and petrochemical products. Imports grew by 0.1 percent due to an increase in royalties payments for example on intellectual property.
On the production side, agriculture, forestry and fishing grew by 2.0 percent, centering around rice and hogs. Manufacturing rose by 1.6 percent, with increased production of electrical and electronic equipment, petrochemical products, food and beverages and furniture.
Construction increased by 1.2 percent and services grew by 0.7 percent, as gains in health and social work, wholesale and retail trade, restaurants and hotels, financial intermediation, and recreational, cultural and sporting offset declines in real estate and renting and education.
Over a year earlier, the GDP expanded 3.2 percent, its fastest pace in the last six quarters.