South Korean Economy Expands 3.3% YoY in Q3

In the third quarter of 2013, South Korean GDP rose 3.3 percent over a year earlier, its fastest pace since the last quarter of 2011. Advance estimates released by the central bank showed that private consumption and construction investment lead the expansion, while exports slowed.

On the production side, all sectors recorded highest growth rates than in the previous quarter, except for electricity, gas and water supply, which contracted 0.7 percent. Agriculture, forestry and fishing posted the highest growth rate (up by 7.3 percent, from 2.7 in the second quarter). Manufacturing increased 4 percent , construction grew by 4.8 percent and services went up by 2.7 percent year-on-year.

On the expenditure side, both private spending and construction investment accelerated for the third consecutive quarter to 2.2 percent and 8 percent, respectively. In contrast, government spending and exports decelerated to 2.1 and 3.9 percent, respectively.

Quarter-on-quarter, the GDP expanded 1.1 percent, the same rate recorded in the previous three-month period.

South Korean Economy Expands 3.3% YoY in Q3

The Bank of Korea | Joana Taborda |
10/25/2013 12:33:51 AM