South Korean GDP Growth Confirmed at 2.3% YoY in Q2

In the second quarter of 2013, South Korea GDP increased 2.3 percent year-on-year, the same figure given in the advanced estimates. The expansion was boosted by a recovery in exports, consumption and construction.

On the production side, the manufacturing sector grew by 2.1 percent year-on-year, and construction expanded by 4.2 percent, led by residential building construction. Services grew by 2.3 percent .

On the expenditure side, private consumption grew by 1.8 percent year-on-year, centering around expenditures on durables such as home appliances and non-durables.

While facilities investment declined by 4.6 percent year-on-year, construction investment increased by 7.2 percent.

Exports rose by 5.7 percent, centering around exports of semiconductors and mobile phones. Imports grew by 4.7 percent owing to increases, for example, in those of petrochemical products and semiconductors.

Quarter-on-quarter, the GDP grew a seasonally-adjusted 1.1 percent, the strongest quarterly expansion since the first quarter of 2011.

South Korean GDP Growth Confirmed at 2.3% YoY in Q2

The Bank of Korea | Joana Taborda |
9/5/2013 12:21:08 AM