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Financial News: South Korea GDP Climbs 1.0% In Q2

South Korea GDP Climbs 1.0% In Q2

09/02/2019 - 19:45:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product expanded a seasonally adjusted 1.0 percent on quarter in the second quarter of 2019, the Bank of Korea said in Tuesday's preliminary reading.

That was a downward revision from last month's advance estimate that suggested a 1.1 percent increase. GDP contracted 0.4 percent on quarter in the first three months of 2019.

On a yearly annualized basis, GDP climbed 2.0 percent - again marking a slight downward revision from the advance estimate, from 2.1 percent. GDP rose 1.7 percent on year in Q1.

Real gross national income increased 0.2 percent on quarter in Q2.

On the production side, manufacturing rose 1.1 percent mainly due to an increase in computer, electronic and optical products. Construction was up 1.6 percent, with an increase in specialized construction. Services rose 0.8 percent, led by health and social work and business activities.

On the expenditure side, private consumption expanded 0.7 percent, led by an increase in consumption of semi-durable goods (e.g. clothing) and services (e.g. medical services).

Government consumption increased by 2.2 percent, with increased expenditure on goods and health care benefits. Construction investment expanded by 1.4 percent, as civil engineering increased while residential building construction decreased.

Facilities investment grew 3.2 percent, led by the growth of investment in transportation equipment. Exports increased 2.0 percent, as exports of goods such as semiconductors and motor vehicles expanded. Imports were up 2.9 percent, owing to increased imports of machinery.

Nominal GNI increased 2.2 percent on quarter in Q2, with a 1.5 percent increase in nominal gross domestic product (nominal GDP) and an increase of net factor income from the rest of the world.

Real GNI increased by 0.2 percent compared to the previous quarter due to increases in real gross domestic product (real GDP) and real net factor income from the rest of the world, despite worsening terms of trade.

The GDP deflator dropped by 0.7 percent year on year.

The gross saving ratio (gross saving/gross national disposable income) stood at 34.6 percent, 0.1 percentage points higher than in the previous quarter, as nominal gross national disposable income (+2.1 percent) increased more than the final consumption expenditure (+2.0 percent).

The gross domestic investment ratio (gross capital formation/GNDI) was 31.9 percent, 1.2 percentage points higher than in the previous quarter.

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