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Financial News: South Korea GDP Revised Down To 1.0% On

South Korea GDP Revised Down To 1.0% On Quarter

05/31/2018 - 20:47:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product expanded a seasonally adjusted 1.0 percent on quarter in the first quarter of 2018, the Bank of Korea said in Friday's revised report.

That's down from the 1.1 percent expansion suggested in the April 26 preliminary reading, although it's still up from the 0.2 percent decline in the three months prior.

On a yearly basis, GDP was unrevised at 2.8 percent - unchanged from the previous three months and in line with expectations.

Real gross national income (real GNI) increased 1.3 percent on quarter, and nominal gross national income (nominal GNI) added 0.5 percent.

On the production side, manufacturing climbed 1.6 percent, with increased production of semiconductors and machinery and equipment. Construction expanded 2.1 percent, with increases in residential building and engineering construction. Services jumped 1.1 percent, led by growth in finance and insurance and cultural and other services, offsetting declines in wholesale and retail trade and restaurants and hotels.

On the expenditure side, private consumption expanded by 0.7 percent, with that of durable goods and semi-durable goods rising. Government consumption increased 2.2 percent, due to the expansion of expenditure in health care benefits. Construction investment was up 1.8 percent, as investment in residential building and engineering construction increased. Facilities investment rose 3.4 percent, led by the growth of investment in machinery and transportation equipment. Exports expanded 4.4 percent, with increases in exports of semiconductors and machinery and equipment.

Imports advanced 4.9 percent, owing to expansions in imports of natural gas and machinery and equipment.

Real GNI grew by 1.3 percent on quarter, owing to improved terms of trade. The GDP deflator rose by 0.7 percent year on year.

Also on Friday, Statistics Korea said that consumer prices were up 0.1 percent on month in May, following the 0.8 percent jump in April.

On a yearly basis, inflation was up 1.5 percent, accelerating from 1.4 percent in the previous month.

Core CPI, which excludes volatile food prices, was up 0.1 percent on month and 1.4 percent on year in May. That follows the 1.4 percent increase a month earlier.

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