South Korea GDP Growth Unchanged at 1.5% YoY in Q1


In the first quarter of 2013, South Korean GDP expanded by 1.5 percent year-on-year, unchanged from the advance estimate released in late April by The Bank of Korea.

On the production side, the manufacturing sector grew by 1.0 percent year-on-year, due to growth in sub-sectors such as electrical and electronic devices and petroleum, coal and chemical products.

Construction expanded by 1.1 percent year-on-year, led by residential building construction and civil engineering.

Services grew by 1.8 percent year-on-year.

On the expenditure side, private consumption grew by 1.5 percent year-on-year, buoyed by increased expenditures on durables such as audio-visual equipment and on services.

Facilities investment declined by 11.9 percent, as investment in machinery such as semiconductor manufacturing equipment and communication devices decreased.
Construction investment increased by 2.4 percent, as both buildings construction and civil engineering increased.

Exports rose by 3.4 percent, centering on exports of mobile phones and petrochemical products, and imports grew by 1.8 percent owing to increases, for example, in those of petrochemical products and electrical machinery.

Quarter-on-quarter, the GDP grew a seasonally-adjusted 0.8 percent, slightly lower than the 0.9 percent advance estimate. 

South Korea GDP Growth Unchanged at 1.5% YoY in Q1


The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
6/7/2013 10:48:35 AM