The South Korean economy grew 3.0 percent year-on-year in the fourth quarter of 2017, down from the 3.8 percent expansion in the previous quarter and below the 3.1 percent growth expected by consensus.
Slower GDP growth was mainly explained by a sharp slowdown in manufacturing (2.7 percent in Q4 vs 6.6 percent in Q3) and construction (3.8 percent vs 7.0 percent). In contrast, there was a faster expanison in utilities (5.2 percent vs 1.5 percent); services (2.5 percent vs 2.4 percent); and primary activity rebounded (3.1 percent vs -0.9 percent).
For the full 2017, gross domestic product expanded by 3.1 percent, compared to 2.8 percent for 2016.
On a quarterly basis, the South Korean economy unexpectedly shrank 0.2 percent in the three months to December of 2017, compared to market expectations of 0.1 percent growth and a 1.5 percent expansion in the previous period.
1/25/2018 1:09:08 PM