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Financial News: South Korea GDP Expands 0.7% In Q2

South Korea GDP Expands 0.7% In Q2

07/25/2018 - 19:45:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product gained 0.7 percent on quarter in the second three months of 2018, the Bank of Korea said in Thursday's advance estimate.

That followed the 1.0 percent increase in the three months prior.

Real gross domestic income sank 0.8 percent on quarter in Q2.

On the expenditure side, private consumption expanded by 0.3 percent, mainly due to increases in non-durable goods (cosmetics etc.) and services (restaurants & hotels etc.), the bank said. Government consumption increased by 0.3 percent, with higher expenditure on goods. Construction investment contracted by 1.3 percent, as investment in residential building construction and civil engineering decreased. Facilities investment fell by 6.6 percent, led by reduced investment in both machinery and transportation equipment.

Exports expanded 0.8 percent, with increases in exports of semiconductor and petroleum & coal products, while imports fell 2.6 percent, owing to contractions in imports of machinery and transportation equipment.

On the production side, agriculture, forestry & fishing production subsided 2.5 percent, mainly due to a decrease in agricultural products.

Manufacturing rose 0.7 percent, centering around petroleum & coal products and precision instruments.

Electricity, gas & water supply jumped 9.7 percent, with electricity production and gas & hot water sales having increased.

Construction fell 2.3 percent on a decline of residential building and civil engineering. Services rose 0.6 percent, led by growth in wholesale & retail trade, restaurants & hotels, and health & social work services, while real estate & leasing decreased.

On a yearly basis, GDP was up 2.9 percent - up from 2.8 percent in the previous three months.

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