South Korea GDP Growth Revised Down to 3.7% YoY

In the fourth quarter of 2013, South Korean GDP advanced 3.7 percent over a year earlier, down from an initial 3.9 percent estimate. Exports, government spending and contruction investment rose at a slower pace than initially estimated.

Private consumption accelerated for the fourth straight quarter to 2.2 percent (unrevised from the initial estimate) and facilities investment grew the most on the year by 10.9 percent yoy (revised upwards from an initial estimate of 9.9 percent).

Government consumption rose at a slower 3.3 percent (down from 3.6 percent in the initial estimate) and construction investment slowed more than initially expected (5.4 percent versus an initial 8.1 percent).

While exports rose 3.2 percent (less than 5.5 percent in the initial estimate), imports increased 4.9 percent (down from 5.2 percent).

For the full 2013, the GDP increased by 3 percent (up from a preliminary 2.8 percent), mainly due to solid expansion in construction investment, intellectual property products investment and exports, amid continuous increase in private consumption. The rate of facilities investment growth meanwhile slumped.

South Korea GDP Growth Revised Down to 3.7% YoY

The Bank of Korea | Joana Taborda |
3/25/2014 11:32:09 PM