South Korea Annual GDP Growth at Nearly 2-Year High


The South Korean economy advanced 3.3 percent year-on-year in the three months to June of 2016, better than a 2.8 percent expansion in the previous period and preliminary estimates of a 3.2 percent increase. It is the highest growth rate since third quarter of 2014, as manufacturing, construction and services expanded at a faster pace, final figures showed.

The manufacturing sector expanded 2.2 percent, higher than 1.9 percent in the previous quarter and centered around production of petroleum and chemical products. Construction increased by 12.4 percent (11.1 percent in the prior quarter) mainly due to residential building construction and services went up 3 percent, the highest gain in five quarters. The agricultural sector rose 1.5 percent, the first increase since the the three months to March of 2015 and utilities output growth slowed to 4.7 percent from 5.2 percent in the previous period.
 
On a quarterly basis, the South Korean economy advanced 0.8 percent, higher than a 0.5 increase in the previous period and better than a 0.7 percent growth in the preliminary estimate.

South Korea Annual GDP Growth at Nearly 2-Year High


The Bank of Korea | Joana Taborda | joana.taborda@tradingeconomics.com
9/2/2016 12:40:49 AM