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South Korea GDP Growth Revised Upwardly
South Korea’s GDP rebounded an upwardly revised 2.1 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase and a preliminary reading of 1.9 percent. Growth was mainly nudged by manufacturing, up 7.9 percent (vs 7.6 preliminary) after an 8.9 percent decline in the previous quarter. Also, services expanded 0.9 percent (vs 0.7 percent prel) after falling 0.9 percent. In contrast, construction (-5.2 percent) and utilities (-6.2 percent) fell further. On the expenditure side, consumption edged down 0.1 percent after growing 1.4 percent, while gross fixed capital formation declined further (-1.4 percent vs -0.4 percent). Growth was mainly explained by exports, up 16.0 percent after plunging 16.1 percent, well above imports (5.6 percent vs -6.7 percent). On an annual basis, the GDP fell by 1.1 percent after dropping by 2.7 percent.
Published on 2020-11-30

South Korea GDP Rebounds Nudged by Exports
South Korea’s GDP rebounded 1.9 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase. Growth was mainly nudged by manufacturing, up 7.6 percent after an 8.9 percent decline in the previous quarter. Also, services expanded 0.7 percent after falling 0.9 percent. In contrast, construction (-5.5 percent vs -0.3 percent) and utilities (-7.4 percent vs 0.1 percent) fell further. On the expenditure side, consumption edged down 0.1 percent after growing 1.4 percent, while gross fixed capital formation declined further (-1.9 percent vs -0.4 percent). Growth was mainly explained by exports, up 15.6 percent after plunging 16.1 percent, well above imports (4.9 percent vs -6.7 percent). On an annual basis, the GDP fell by 1.3 percent after dropping by 2.7 percent.
Published on 2020-10-26

South Korea GDP Shrinks the Most Since 2008
South Korea’s GDP shrank 3.2 percent quarter over quarter in the three months to June 2020 following a 1.3 percent drop in the previous period, entering a recession due to the negative impact of the COVID-19. The print was 0.1 percentage points higher than the figure given in the advance estimate. That was the largest pace of contraction since the last quarter of 2008 as manufacturing sank 8.9 percent, mainly dragged by transportation equipment and computer, electronic & optical products. Construction dropped 0.3 percent, mainly explained by building construction. Meanwhile, services declined by 0.9 percent, dragged by contractions in wholesale & retail trade, accommodation & food services, transportation & storage and cultural & other services. On an annual basis, the GDP fell by 2.7 percent after expanding 1.4 percent.
Published on 2020-08-31

South Korea Economy Enters Recession
South Korea GDP shrank 3.3 percent quarter-on-quarter in the second quarter of 2020, following a 1.3 percent decline in the previous period and worse than market forecasts of a 2.3 percent fall. It is the worst contraction since the first quarter of 1998, pushing the economy into a technical recession, preliminary estimates showed. Exports plunged 16.6 percent to the lowest value since 1963 due to worldwide coronavirus-induced lockdowns and economic shutdown. Decreases in sales of motor vehicles, coal and petroleum products were the main drag. Imports went down 7.4 percent, mainly due to oil. Also, gross fixed capital formation dropped 1.1 percent. On the other hand, private spending rebounded (1.4 percent), boosted by purchases of durable goods while government cash handouts helped to increase spending on restaurants, clothes and leisure activities. Government consumption rose 1 percent. Year-on-year, the GDP contracted 2.9 percent.
Published on 2020-07-22

South Korea GDP Shrinks Less than Expected
South Korea’s quarterly GDP declined 1.3 percent on quarter in the three months to March 2020, falling steeply after increasing 1.3 percent in the prior period and compared to a preliminary estimate of 1.4 percent, final data showed. It was the sharpest drop since the last quarter of 2008, dragged by services (-2.4 percent vs 1.3 percent in Q4) and manufacturing (-1 percent vs 1.8 percent). Also, construction activity slowed sharply (0.2 percent vs 3.7 percent), while primary activity rebounded (3.7 percent vs -1.5). In contrast, shutdowns nudged utilities higher (9.9 percent vs 5.5 percent). On an annual basis, GDP expanded an upwardly revised 1.4 percent.
Published on 2020-06-01

South Korea GDP Shrinks 1.4% QoQ
South Korea’s quarterly GDP declined 1.4 percent in the three months to March 2020, falling steeply after increasing 1.3 percent in the prior period but modestly beating expectations of 1.5 percent contraction. It was the sharpest drop since the last quarter of 2008, dragged by services (-2 percent vs 0.8 percent in Q4) and manufacturing (-1.8 percent vs 1.6 percent). Also, construction slowed sharply (0.3 percent vs 5.6 percent), while primary activity barely grew (0.1 percent vs 1.4). In contrast, shutdowns nudged utilities higher (5.7 percent vs 4.2 percent). On an annual basis, GDP expanded 1.3 percent.
Published on 2020-04-22

South Korea GDP Growth Revised Upwardly
South Korea’s quarterly GDP growth increased to 1.3 percent in the three months to December 2019, accelerating from 0.4 percent in the previous quarter and beating the advance estimate of 1.2 percent. It was the strongest growth rate since the third quarter of 2017, as utilities (4.2 percent vs -13.6 percent in Q3) and construction (5.6 percent vs -4.9 percent) rebounded sharply. Additionally, output rose further in agriculture, forestry & fishing (1.4 percent vs 0.6 percent) and services (0.8 percent vs 0.6 percent). Meanwhile, manufacturing output went up 1.6 percent, slowing from a 2.4 percent in the prior period.
Published on 2020-03-02

South Korea Q4 GDP Growth at Over 2-Year High
South Korea’s quarterly GDP growth increased to 1.2 percent in the three months to December 2019, accelerating from 0.4 percent in the previous quarter and beating market expectations of a 0.8 percent expansion. It was the strongest growth rate since the third quarter of 2017, as utilities (3.9 percent vs -13.6 percent in Q3) and construction (4.9 percent vs -4.9 percent) rebounded. Additionally, output rose further in agriculture, forestry & fishing (2.2 percent vs 0.6 percent) and services (0.7 percent vs 0.6 percent). Meanwhile, manufacturing output went up 1.6 percent, slowing from a 2.4 percent in the prior period.
Published on 2020-01-21

South Korea GDP Growth Confirmed at 0.4%
South Korea’s quarterly GDP growth was confirmed at 0.4 percent in the three months to September 2019, easing from 1.0 percent in the previous quarter, due to a slower rise in services and sharp declines in utilities and construction. On the expenditure side, household consumption and government spending grew less while fixed investment shrank.
Published on 2019-12-02

South Korea Quarterly GDP Growth Below Consensus
South Korea’s economy grew 0.4 percent in the three months to September 2019 compared to 1.0 percent in the previous quarter and below market expectations of 0.5 percent. Softer growth was mainly explained by a slower rise in services and declines in utilities and construction. On the expenditure side, household consumption and government spending grew less while fixed investment shrank.
Published on 2019-10-23

South Korea Q2 GDP Growth Revised Slightly Lower
South Korea’s quarterly GDP growth was revised lower to 1.0 percent in the three months to June 2019 from a preliminary estimate of 1.1 percent and compared to a 0.4 percent contraction in the previous period. It was the strongest growth rate since the first quarter of 2018, as manufacturing, construction and utilities output rebounded firmly.
Published on 2019-09-02

South Korea Q2 GDP Growth at Near 2-Year High
South Korea’s GDP advanced 1.1 percent on quarter in the three months to June 2019, after a 0.4 percent contraction in the previous quarter and above market consensus of a 1.0 percent expansion. It was the strongest growth rate since the third quarter of 2017, as manufacturing and construction output rebounded and utilities surged 8.3 percent.
Published on 2019-07-24

South Korea Q1 GDP Falls More than Initially Estimated
South Korea’s GDP declined 0.4 percent on quarter in the first three months of 2019, down from the advanced estimate and market expectations of a 0.3 percent contraction and compared to a downwardly revised 0.9 percent expansion in the previous period. This was the slowest growth rate since Q4 2008. On the production side, GDP was dragged by contractions in manufacturing and construction. On the expenditure side, trade and gross fixed capital formation were the main draggers.
Published on 2019-06-03

South Korea Economy Unexpectedly Shrinks in Q1
The South Korean economy shrank 0.3 percent quarter-on-quarter in the three months to March 2019, after a 1.0 percent expansion in the previous three months and missing market expectations of 0.3 percent growth, advanced data showed. It was the first contraction in five quarters and the steepest since the last quarter of 2008, as utilities and manufacturing contracted sharply and construction shrank for the third time in over the last four quarters.
Published on 2019-04-24

South Korea GDP Growth Confirmed at 1% in Q4
The South Korean economy advanced 1.0 percent quarter-on-quarter in the three months to December 2018, up from a 0.6 percent expansion in the previous three months and matching a preliminary estimate and market expectations, final data showed. It was the strongest growth rate since the first quarter of the year, mainly boosted by final consumption (1.5 percent vs 0.7 percent in Q3), of which government spending (3.0 percent vs 1.5 percent), and private consumption (1.0 percent vs 0.5 percent). Also, gross fixed capital formation rebounded 1.9 percent, following a 4.6 percent contraction in the previous three-month period. Meantime, exports shrank 1.5 percent (vs +3.9 percent in Q3) and imports climbed 1.5 percent (vs -0.7 percent in Q3).
Published on 2019-03-04

South Korea GDP Grows 1% QoQ and Beats Expectations
The South Korean economy advanced 1.0 percent quarter-on-quarter in the three months to December 2018, up from 0.6 percent in the previous three months and market expectations, advanced data showed. It was the fastest expansion in three quarters, as growth was mainly nudged by final consumption (+1.5 percent vs +0.7 percent), with government spending surging 3.1 percent (vs +1.5 percent), compared to a 1.0 percent expansion in private spending (vs +0.5 percent in Q3). Also, gross fixed capital formation rebounded 1.8 percent, following a 4.6 percent contraction in the previous three-month period. Meantime, exports shrank 2.2 percent (vs +3.9 percent) and imports edged up 0.6 percent (vs -0.7 percent).
Published on 2019-01-21

South Korea GDP Growth Confirmed at 0.6% QoQ in Q3
The South Korean economy advanced 0.6 percent quarter-on-quarter in the three months to September 2018, the same pace as in the previous period, matching market consensus and the preliminary reading, final data showed. Growth was mainly driven by a strong 2.3 percent expansion in manufacturing (vs +0.6 percent in the previous period), more than offsetting contractions in utilities, construction, and primary activity. Services grew by 0.5 percent for the second straight period. On an annual basis, the economy expanded 2.0 percent (unchanged from a preliminary reading), slowing from a 2.8 percent growth in the previous three months and in line with market expectations.
Published on 2018-12-04

South Korea GDP Expands 0.6% QoQ in Q3
The South Korean economy advanced 0.6 percent quarter-on-quarter in the three months to September 2018, the same pace as in the previous period and slightly below market expectations of 0.7 percent, advanced data showed. Growth was mainly driven by a strong 2.3 percent expansion in manufacturing (vs +0.6 percent in the previous period), more than offsetting contractions in utilities, construction, and primary activity. Services grew 0.5 percent for the second straight period. On an annual basis, the economy expanded 2.0 percent slowing from a 2.8 percent growth in the previous three months and missing market consensus of 2.2 percent.
Published on 2018-10-24

South Korea GDP Growth Rate Revised Down to 0.6% QoQ
The South Korean economy advanced 0.6 percent quarter-on-quarter in the three months to June 2018 after a 1 percent expansion in the previous period and below both market expectations and the preliminary print of 0.7 percent, final data showed. The downwardly revised figure was explained by softer expansions in manufacturing and services and steeper contractions in primary activity and construction when compared to preliminary data, with utilities also rebounding less than the original data showed.
Published on 2018-09-03

South Korea Economy Expands 0.7% QoQ
The South Korean economy advanced 0.7 percent quarter-on-quarter in the three months to June 2018 after a 1 percent expansion in the previous period and matching market expectations. The slowdown was explained by softer expansions in manufacturing and services and contractions in primary activity and construction, more than offsetting a sharp rebound in utilities, preliminary estimates showed.
Published on 2018-07-25