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Financial News: South Korea GDP Falls 0.2% On Quarter In

South Korea GDP Falls 0.2% On Quarter In Q4

01/24/2018 - 19:18:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product was down a seasonally adjusted 0.2 percent on quarter in the fourth quarter of 2017, the Bank of Korea said on Thursday.

That missed forecasts for an increase of 0.5 percent following the 1.5 percent jump in the three months prior.

On the expenditure side, although the growth of private consumption increased, construction and exports contracted. Private consumption expanded 1.0 percent as expenditures on both durable and non-durable goods increased.

Construction investment fell 3.8 percent, with a decrease in both building and engineering construction. Facilities investment eased 0.6 percent, led by a decrease in machinery. Intellectual property products investment expanded 1.3 percent, with an increase in R&D investment and software.

Exports fell 5.4 percent, with a decrease in exports of automobiles offsetting an increase in those of semiconductors. Imports dropped 4.1 percent, centering on machinery.

On the production side, manufacturing and construction turned negative. Agriculture, forestry & fishing added 2.2 percent due to an increase in production of vegetables.

Manufacturing dropped 2.0 percent, centering on transportation equipment. Electricity, gas & water supply gained 0.6 percent, led by increased usage of electricity.

Construction lost 1.5 percent, as both building and engineering construction contracted. Services expanded 0.4 percent, as the growth in information & communication and health & social welfare services offset a decline in real estate & leasing.

On a yearly basis, GDP gained 3.0 percent - again missing expectations for 3.2 percent and down from 3.8 percent in the previous three months.

On the expenditure side, while private consumption showed gradual recovery, construction investment continued the trend of rapid expansion, and facilities investment turned positive and showed a high rate of growth.

On the production side, while the growth of services dropped, the growth of manufacturing accelerated and construction maintained a higher level of growth. Real GDI rose by 3.4 percent.

For all of 2017, South Korea's GDP was up 3.1 percent.

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