The economy of South Korea advanced 2.8 percent year-on-year in the first quarter of 2018, matching the growth recorded for the previous quarter and the preliminary estimate.
On the production side, manufacturing expanded 2.7 percent in the first quarter, the same pace as in the previous period, and output grew at a faster pace for both services (3.2 percent vs 2.4 percent in Q4) and agriculture (4.1 percent vs 1.5 percent). In contrast, construction expanded at a slower 0.2 percent (vs 2.7 percent in Q4) and utilities contracted 1.7 percent after expanding 6.0 percent in the preceding period.
On the expenditure side, final consumption expenditure expanded at a faster clip of 4.0 percent (vs 3.5 percent in Q4), triggered by both government spending (5.8 percent vs 4.1 percent) and private consumption (3.5 percent vs 3.4 percent). Meantime, gross fixed capital formation lost steam and expanded at a softer 3.7 percent (vs 5.0 percent in Q4). Also, exports rebounded 1.6 percent (vs -0.6 percent in Q4), while imports grew at a slightly faster rate of 4.2 percent (vs 4.1 percent in Q4).
On a quarterly basis, the economy rebounded 1.0 percent quarter-over-quarter in the three months to March 2018 after a 0.2 percent contraction in the previous quarter and slightly below the preliminary 1.1 percent expansion.
6/1/2018 9:59:10 AM