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Financial News: South Korea Q4 GDP Expands 0.6% On Quarter

South Korea Q4 GDP Expands 0.6% On Quarter

01/24/2024 - 18:45:00 (RTTNews)

(RTTNews) - South Korea's gross domestic product climbed a seasonally adjusted 0.6 percent on quarter in the fourth quarter of 2023, the Bank of Korea said on Thursday.

That was unchanged from the Q3 reading, and it exceeded estimates for an increase of 0.5 percent.

Real gross domestic income (GDI) increased by 0.4 percent on quarter.

On the expenditure side, private consumption rose 0.2 percent as final consumption expenditure of resident households abroad increased, though expenditures on goods decreased. Government consumption increased by 0.4 percent, with increased expenditures on goods and social security benefits in kind (e.g., expenditures on health care benefits).

Construction investment sank 4.2 percent as building construction and civil engineering both decreased. Facilities investment rose 3.0 percent, driven by an increase in transportation equipment.

Exports climbed 2.6 percent as exports of semiconductors increased. Imports were up 1.0 percent, owing to increased imports of petroleum products.

On the production side, agriculture, forestry and fishing slumped 6.1 percent, mainly due to a decrease in crop yields. Manufacturing increased 1.1 percent, as computer, electronic and optical products increased.

Electricity, gas and water supply rallied 11.1 percent, mainly due to an increase in electricity. Construction fell 3.6 percent, owing to decreases in both building construction and civil engineering. Services expanded 0.6 percent, mainly due to increases in business activities and human health and social work, despite a decrease in finance and insurance.

On an annualized basis, GDP climbed 2.2 percent - also beating forecasts for 2.1 percent and accelerating from 1.4 percent in the three months prior.

For all of 2023, South Korea's GDP was up 1.4 percent.

On the expenditure side last year, construction and facilities investment turned positive, while the growth of private consumption, government consumption, exports and imports slowed.

On the production side, the growth of construction expanded, while the growth of manufacturing and services slowed. Real GDI expanded by 1.4 percent, keeping pace with real GDP, as the terms of trade were sustained at the previous year's level.

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