South Korea Annual GDP Growth Slows Less Than Expected In Q4
The South Korean economy expanded 2.4 percent year-on-year in the last three months of 2016, beating preliminary estimates of a 2.3 percent expansion. Faster growth in manufacturing and utilities offset weaker expansion in services and construction. Yet, it is the lowest growth rate in six quarters, following a 2.6 percent rise in the third quarter, final estimates showed.
3/28/2017 12:41:27 PM
Manufacturing went up 2.7 percent, above 1.9 percent in the preliminary reading (1.4 percent in Q3). Utilities rose 0.4 percent, compared to a flat reading (4.2 percent in Q3) and agriculture declined 4.7 percent, slightly less than a preliminary 4.8 percent fall (-4.7 percent in Q3). In contrast, services rose 1.8 percent, below 1.9 percent in earlier estimates (2.3 percent in Q3). Construction growth eased slightly to 10.1 percent from 10.2 percent (9.9 percent in Q3).
On a quarterly basis, the economy expanded 0.5 percent, also above initial estimates of 0.4 percent and matching the growth rate in Q3.
Considering full 2016, GDP growth was revised up to 2.8 percent from 2.7 percent and slightly above the central bank growth target of 2.7 percent. In 2015, the economy advanced 2.8 percent.