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Financial News: South Korea GDP Climbs 1.4% In Q3

South Korea GDP Climbs 1.4% In Q3

10/25/2017 - 19:45:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product expanded a seasonally adjusted 1.4 percent on quarter in the third quarter of 2017, the Bank of Korea said on Thursday.

That beat forecasts for a gain of 0.9 percent, and was up from 0.6 percent in the three months prior.

Real gross domestic income gained 1.6 percent on quarter.

On the expenditure side, the increase in government consumption and construction investment expanded, while exports turned positive.

Private consumption expanded 0.7 percent on quarter as expenditures on both services and non-durable goods increased.

Government consumption climbed 2.3 percent as expenditures on goods and health insurance benefits expanded. Construction investment advanced 1.5 percent as investment in building construction increased.

Facilities investment added 0.5 percent, mainly due to a rise of investment in equipment. Exports spiked 6.1 percent, with increases in exports of semiconductors, chemical products and motor vehicles. Imports picked up 4.5 percent, owing to expansions in imports such as chemical products and petroleum.

On the production side, manufacturing and construction turned positive while the rise in services expanded.

Agriculture, forestry and fishing fell 6.5 percent as the volume of vegetables and fruits and cattle dropped.

Manufacturing climbed 2.7 percent, mainly due to an increase in the volume of semiconductors and chemical products.

Electricity, gas and water supply increased 3.5 percent as the volume of electric power sold increased.

Construction added 1.3 percent, led by an expansion of residential building construction.

Services expanded 0.9 percent as wholesale and retail trade along with health and social work increased.

On a yearly basis, GDP advanced 3.6 percent - again topping expectations for 3.0 percent and up from 2.7 percent in the second quarter.

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