South Korea Annual GDP Grows Below Expectations in Q4
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.
1/25/2018 1:09:08 PM
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.