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Financial News: South Korea GDP Climbs 1.5% On Quarter In

South Korea GDP Climbs 1.5% On Quarter In Q3

11/30/2017 - 22:03:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product was upwardly revised to 1.5 percent on quarter in the third quarter of 2017, the Bank of Korea said on Friday.

That's up from 1.4 percent suggested in October's preliminary reading. GDP gained 0.6 percent on quarter in Q2.

Real gross national income increased 2.4 percent on quarter.

On the production side, manufacturing expanded 2.9 percent, due to increases in electronic and electrical equipment and petroleum and chemical products.

Construction grew 1.5 percent, led by growth in building construction. Services expanded by 1.1 percent, as wholesale and retail trade and health and social work increased.

On the expenditure side, private consumption expanded 0.8 percent as expenditures on non-durable goods and services increased. Government consumption jumped 2.3 percent, with an increase in health insurance benefits.

Construction investment was up 1.5 percent, led by growth both in residential and non-residential building construction. Facilities investment added 0.7 percent as machinery increased.

Exports expanded 6.1 percent, with increases in exports of semiconductors, chemical products and vehicles. Imports rose 4.7 percent, as imports of chemical products and crude oil increased.

On a yearly basis, GDP was bumped up to 3.8 percent from 3.6 percent in October. GDP expanded 2.7 percent on year in the second quarter.

On the production side, the manufacturing sector expanded 6.6 percent year on year, led by growth in electronic and electric equipment, general machinery and equipment and vehicles. Construction increased 7.0 percent year on year, as building construction expanded. Services grew 2.4 percent year on year.

On the expenditure side, private consumption rose 2.5 percent year on year, with increases in expenditures on non-durable goods and services. Government consumption grew 4.6 percent, mainly due to health insurance benefits

Nominal GNI increased 3.4 percent on quarter in Q3, with a 2.6 percent rise in nominal gross domestic product (nominal GDP) and an expansion of net factor income from the rest of the world.

Also on Friday: . Consumer prices in South Korea were up 1.3 percent on year in November, Statistics Korea said. That was well shy of forecasts for 1.9 percent and down from 1.8 percent in October.

On a monthly basis, inflation was down 0.7 percent after easing 0.2 percent in the previous month.

Core CPI was down 0.3 percent on month and up 1.4 percent on year after adding 0.2 percent on month and 1.6 percent on year a month earlier.

. South Korea posted a merchandise trade surplus of $7.84 billion in November, the Ministry of Trade, Industry and Energy said - marking the 70th straight month in the black.

Exports climbed 9.6 percent on year in November to $49.67 billion, expanding for the 13th straight month.

Imports climbed an annual 12.3 percent to $41.83 billion in November.

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