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Financial News: South Korea GDP Gains 0.3% On Quarter In

South Korea GDP Gains 0.3% On Quarter In Q3

12/01/2021 - 18:45:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the third quarter of 2021, the Bank of Korea said in Thursday's preliminary report.

That was in line with expectations and down from the 0.8 percent growth in the previous three months.

On an annualized yearly basis, GDP jumped 4.0 percent - again roughly matching estimates and slowing from 6.0 percent in the second quarter.

Real gross national income (GNI) decreased by 0.7 percent on quarter in the third quarter but gained 2.8 percent on year.

On the production side, manufacturing was consistent with the previous quarter, as machinery and equipment increased while transportation equipment decreased. Construction declined by 2.4 percent, owing to a decrease in civil engineering. Services grew by 0.5 percent, with increases in finance and insurance and human health and social work.

On the expenditure side, private consumption contracted by 0.2 percent, as expenditures on non-durable goods increased but services decreased. Government consumption rose by 1.3 percent, mainly due to increased expenditures on goods. Construction investment contracted by 3.5 percent, as civil engineering decreased. Facilities investment fell by 2.4 percent, driven by a decrease in transportation equipment. Exports went up by 1.8 percent, due to increases in coal & petroleum products and machinery & equipment. Imports fell by 0.7 percent, owing to decreased imports of transport equipment.

Nominal GNI rose by 0.1 percent in the third quarter of 2021 relative to the quarter before, increasing less than nominal GDP (1.4 percent) as net factor income from the rest of the world fell. Real GNI decreased by 0.7 percent compared to the previous quarter, decreasing more than real GDP (0.3 percent) as net factor income from the rest of the world fell. The GDP deflator increased by 2.3 percent year on year.

The gross saving ratio (gross saving/gross national disposable income) stood at 35.9 percent, 0.1 percentage points higher than in the previous quarter, as the nominal gross disposable income (0.5 percent) increased slightly more than the final consumption expenditure (0.3 percent). The gross domestic investment ratio (gross capital formation/GNDI) was 31.6 percent, 0.1 percentage points lower than in the previous quarter, due to a decrease in facilities investment.

Also on Thursday, Statistics Korea said that consumer prices in South Korea climbed 3.7 percent on year in November. That surpassed expectations for 3.1 percent and was up from 3.2 percent in October.

On a monthly basis, inflation rose 0.4 percent versus forecasts for a decline of 0.2 percent and up from 0.1 percent in the previous month.

Core CPI, which excludes volatile food prices, added 0.1 percent on month and 1.9 percent on year after gaining 0.3 percent on month and 2.4 percent on year in October.

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